Concord's Drillers erects and places into service an off-shore oil platform on January 1,2025 , at a cost of $7,370,000. Concord estimates it will cost $1,095,000 to dismantle and remove the platform at the end of its useful life in 10 years, which the company is legally required to do. (The fair value at January 1,2025 , of the dismantle and removal costs is $350,000.) Prepare the entry to record the asset retirement obligation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)