Leaning Tower Inc. developed and operationalized an offshore oil platform on March 1, 2018 at a cost of $10 million. Leaning Tower Inc. is legally required to dismantle and remove the platform at the end of its nine-year useful life. Leaning Tower Inc. estimates that it will cost $1 million to dismantle and remove the platform at the end of its useful life and that the discount rate to use should be 8%. Prepare the entry to record the asset retirement obligation. Assume that none of the $1 million cost relates to production.