Unfortunately, there's no straightforward answer.
What a person actually receives as a sentence depends on many, many factors. The person's criminal history, the particular facts of the case (and in particular, how much money was taken in this case), the sophistication of the offense, whether restitution has already been paid back, the judge, the jurisdiction and to some extent their defense attorney.
Can there be a plea bargain for only one count? Yes, potentially. It again all depends on the case, the DA and your friend's attorney.
If sent to state prison, yes, it appears to be a"half-time" case under Penal Code section 4019. If he gets time in county jail, he serves two thirds of the sentence unless released early. (It's technically 2 days credit for every 4 served).
All these questions can be answered by your friend's attorney based on a discussion of the facts and a review of the police reports against your friend. Your friend is looking at two felonies with several years state prison as a potential maximum, so they need a good attorney ASAP.
I see many questions on avvo in which people want to do what is going to happen to them because of such and such an offense or parole violation. In truth no one except your lawyer can even give you an approximate answer to that question because it depends on so many variables: your state’s laws and procedures, your criminal history if any, whether there are any sentencing enhancements, whether your state has diversion programs for your offense. These kinds of questions really require that you contact a local lawyer and even then they can only give you a range.