On December $31,2024,$ the company sold an appliance for $$1,200.$ The company received $$500$ cash and a note from the customer for $$700$ and $$240$ interest, to be paid at the rate of $$10$ a month for $24$ months. Because of the customers poor credit record, the fair market value of the note was only $$600.$ The cost of the appliance was $$750.$