IJR Corp. imports cheese for distribution in the United States (US). On April 1, the corporation purchased cheese costing 100,000 Euro. Payment is due in Euro on August 1. The spot rate on April 1 was $1.20 per Euro, and on August 1, it was $1.25 per Euro. Determine the following: 1. The companys liabilities in US Dollars prior to payment 2. The amount of payment in US Dollars on August 1 Briefly discuss implications of the transaction.