Rania contributed equipment worth $$120,000,$ purchased $9$ months ago for $$136,500$ cash and used in her sole proprietorship, to Sand Creek LLC in exchange for a $35$ percent profits and capital interest in the LLC$.$ Rania agreed to guarantee all $$10,200$ of Sand Creek's accounts payable, but she did not guarantee any portion of the $$60,000$ nonrecourse mortgage securing Sand Creek's office building. Other than the accounts payable and mortgage, Sand Creek does not have any liabilities to other creditors.

c$.$ What is Sand Creek's initial basis in the contributed property?