On July 1, 2014, Rogers Corp. took out a 60-day, $100,000 loan at the bank. On July 31, 2014, Rogers made the following adjusting entry: Required 1. What is the interest rate on the loan? Explain your...

On July 1, 2014, Rogers Corp. took out a 60-day, $100,000 loan at the bank. On July 31, 2014, Rogers made the following adjusting entry:

Required

1. What is the interest rate on the loan? Explain your answer.

2. Prepare the entry on Rogers Corp.’s books on August 31, 2014, when the company repays the principal and interest on the loan.