On January 2, 2012, Stacy Company acquired equipment to be used in its manufacturing operations. The equipment has an estimated useful life of 10 years and an estimated residual value of $15,000. The depreciation applicable to this equipment was $70,000 for 2015, computed under the sum-of-the-years'- digits method. What was the acquisition cost of the equipment? Select one: a. $535,000 b. $550,000 c. $541,667 d. $565,000