Yarra Fabrication estimates that its manufacturing overhead will be $2,291,200 in year 1. It further estimates that direct material costs will amount to $1,432,000. Actual manufacturing overhead costs for the year were $2,440,000. Actual direct materials costs were $1,590,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. The total applied overhead for the year was $2,544,000 The balance in each of the inventory accounts is as follows. Work-in-process inventory $ 473,000 Finished goods inventory $ 1,118,000 Cost of goods sold $ 7,009,000 Required: Prepare an entry to allocate the over- or underapplied overhead. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)