Johnstone Company has averaged an historical bad debts rate of 1.5% of net credit sales. Their net credit sales for the year 20A is $450,000, the balance in accounts receivable at the end of the year is $40,000 and there is a debit balance (before adjustment) in the allowance for doubtful accounts of $400. How much would Johnstone report as the net realizable value of its accounts receivable after the adjusting entry?