The following information relates to Zulu Company’s accounts receivable for 20X1:

Accounts receivable, 1/1/20X1 ............................ $ 750,000
Credit sales for 20X1 ............................................ 3,100,000
Accounts written off during 20X1 ............................ 45,000
Collections from customers during 20X1 .......... 2,400,000
Allowance for credit losses at 12/31/20X1 ............. 95,000

A factor has recently offered to purchase all of Zulu’s outstanding receivables without recourse for 94% of their face amount.

Required:

At what net amount should Zulu report its receivables assuming the company chooses to measure financial assets at fair value?