XYZ, Inc had net sales in 2019 of €700,000. At December 31, 2019, before adjusting entries, the balances in selected accounts were: accounts receivable €125,000 debit, and allowance for doubtful accounts €1,200 debit. XYZ, Inc. estimates that 2% of its net accounts receivable will prove to be noncollectable. What is the cash realisable value of the receivables reported on the statement of financial position at December 31, 2019?