The privately held Fire Island Nuclear Facility built nuclear waste disposal units costing 7,000,000, they were placed in service on 1/1/2020. Fire Island plans to depreciate the disposal units using a straight line method, and there is no residual value. Fire Island estimates the costs to seal the units at the end of their 20 year useful life will be $80,000. There are some extra environmental remediation costs when the nuclear disposal units are sealed in the 15th year, and Fire Island incurs $90,000 in costs to seal the units. Fire Island has a 10% cost of capital. What are the necessary entries for when the gas station is placed in service? (round up to the nearest $1)