On January 2, 2008, Stacy Company Acquired Equipment to Be

On January 2, 2008, 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 2011, computed under the sum-of-the-years'-digits method.What was the acquisition cost of the equipment?

A) $535,000
B) $565,000
C) $550,000
D) $541,667