A public accounting firm employs 10 full-time professionals who provide services to clients. All professional labour compensation is traced directly to clients on a per professional labour-hour basis. Any other costs are included in a single indirect-cost pool (same as overhead) and allocated to individual clients according to billable professional labour-hours. Operating costs and data for the year included the following: Estimated Actual Overhead (indirect) costs $1,000,000 $1,200,000 Number of billable professional labour-hours 40,000 50,000 Total professional compensation (DL) $ 750,000 $750,000 Required a. By how much, if any, was the overhead cost underapplied or overapplied? (Show all of your calculations including predetermined OH rate) (4 marks) b. Prepare a summary journal entry to close any underapplied or overapplied overhead cost to a Cost of Services Provided account. (2 marks)