Metlock's Drillers erects and places into service an off$-$shore oil platform on January $1,2025,$ at a cost of $$7,320,000.$ Metlock estimates it will cost $$1,014,000$ 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 $$390,000.)$ 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 $0$ for the amounts. List debit entry before credit entry.$)$

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