Insomniacs incorporated reported the following information: Predetermined overhead application rate: $8.30 per machine hour Actual overhead rate: $8.50 per machine hour Estimated machine hours: 30,000 Actual machine hours: 32,000 If Insomniacs Incorporated does not use an adjusting entry to correct manufacturing overhead, what will be the effect on net income (assuming no beginning or ending inventory balances)? By how much?