On January 1, 2023, a company purchased equipment for $150,000 with a useful life of 5 years and a residual value of $10,000. The company uses the straight-line method of depreciation. On July 1, 2024, the company decided to modify the equipment for $25,000 to increase its efficiency. The modification extends the useful life of the equipment by an additional 2 years, and the residual value remains the same. What is the book value of the equipment on December 31, 2024?