1. Azimuth Company purchases a small business for $500,000. The market value of the business's assets are $850,000, and the market value of the liabilities are $400,000. Please provide the journal entry to record the acquisition of the business along with goodwill, if any.

2. Art Parrish is the sole employee of Parrish Sales. His company pays a portion of his health insurance premium, and also contributes to a retirement plan in his name. The company share of the health insurance premium is $400, and the company contribution to the retirement plan is $550. Please provide the third journal entry in the payroll cycle to record the employee benefits paid by the company.