Darby’s Drillers erects and places into service an off-shore oil platform on January 1, 2005, at a cost of $10,000,000. Darby is legally required to dismantle and remove the platform at the end of its useful life in 10 years. The estimated present value of the dismantling and removal costs at January 1, 2005, is $500,000. Prepare the entry to record the asset retirement obligation.