Laurel contributed equipment worth $150,000, purchased 8 months ago for $164,500 cash and used in her sole proprietorship, to Sand Creek LLC in exchange for a 20 percent profits and capital interest in the LLC. Laurel agreed to guarantee all $12,600 of Sand Creeks accounts payable, but she did not guarantee any portion of the $75,000 nonrecourse mortgage securing Sand Creeks office building. Other than the accounts payable and mortgage, Sand Creek does not owe any debts to other creditors.

What is Sand Creeks initial basis in the contributed property?