Rania contributed equipment worth $$230,000,$ purchased $11$ months ago for $$253,000$ cash and used in her sole proprietorship, to Sand Creek LLC in exchange for a $10$ percent profits and capital interest in the LLC$.$ Rania agreed to guarantee all $$12,500$ of Sand Creek's accounts payable, but she did not guarantee any portion of the $$115,000$ 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?