Publishing a second paper which is an extension of the first paper- same methodology, problem formulation and literature review I have submitted a manuscript to a journal and it is currently under review. I have also written a second manuscript which is essentially an extension of the first manuscript. The first manuscript mainly deals with establishing baseline behavior while the second manuscript deals with expanding the results of the first paper by considering additional conditions. The problem formulation, literature review and solution methodology are the same with only minor changes. 

In such a situation, should one rewrite these sections or paraphrase from the first paper? The results and discussion stand on their own. Since I am working full time in the industry now, I am not aware of how I should deal with this. My advisor from my Master's degree is not helpful. Is there any advantage to submitting the second manuscript to the same journal?

For reference, the manuscripts related to deals with numerical simulations.
If the first paper has not been published yet, you may want to contact the editor who is handling it and ask him whether it would be possible to withhold publication (in case it gets accepted) and publish the two papers together as a series of papers. In this case setting up the context for the second paper should be fairly easy, as you wouldn't need to rewrite the introduction and literature review from scratch.

If that's not possible then you'll have to rewrite introduction and conclusions so that the paper can stand on its own. Of course, you can be a bit more concise and write upfront that the second paper is an application (or an extension) of the first one, and that additional details can be found in the latter. However, note that if you rely too much on another paper some journals (depending on the field, I guess) might complain about a "lack of novelty".