On December 31, 2016, Sasha Velour Company purchased an equipment with an estimated useful life of 10 years. The equipment was expected to have a residual value of P5,000 at the end of its service life. The sum-of-the-years-digits method was used in computing depreciation. For the year ended December 31, 2020, the depreciation applicable to this equipment was P42,000.

What was the acquisition cost of the equipment?