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please help! An August 11, 2020 article from WorldOil Magazine had the following headline: Marathon Sets Up for $1.1 Billion Tax Refund via Coronavirus Aid

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An August 11, 2020 article from WorldOil Magazine had the following headline: "Marathon Sets Up for \$1.1 Billion Tax Refund via Coronavirus Aid Law". The article goes on to indicate, "That measure included a tax provision that allows companies to immediately deduct net operating losses and apply them to previous returns for five years from 2018, 2019, and 2020 - instead of only applying those deductions to future years. The benefit is supercharged because deductions taken before the 2017 tax overhaul can be claimed at the 35% corporate tax rate instead of the current 21%." Marathon Petroleum Corporation's June 30,2020,10Q states the following: "As of June 30,2020, the estimated cash tax refund resulting from the NOL carryback provided in the CARES Act is $1.1 billion and arises solely due to taxes paid in prior years. Absent the CARES ACt, we would have recorded a deferred tax asset for the expected NOL carryforward under the currently effective federal income tax rate: Required: 1. Based only on the information provided above, prepare a journal entry that records the refund expected from applying the NOL cartyback. 2. Assuming a tax rate of 35% in prior years, how much pretax net operating loss did Marathon carryback to prior periods to get the refund indicated? 3. Assume now that the CARES Act was not in effect and Marathan is not ellgible for any carryback. Prepare a journal entry that records any tax expense (benefit) associated with creating a NOL carrylorward, assuming a tax rate of 21% for current and future periods. 4. Whether Marathon could do an NOL carryback or an NOL carryforward, it would recover or avoid some taxes by utilizing the NOL. How much extra tax did it recover or avold due to the difference in tax rates between prior years and future years by being able to use a cartyback? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 8 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare a joumal entry that records the refund expectod trom applying the NOL Caryosck. Note: If no entry is required for a transactionvevent, select "No joumal entry required" in the first account field. Enter your. answer in miltions. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Assume now that the CARES Act was not in effect and Marathan is not eligible for any carryback Propare a joumal entry that records any tax expensa (benefe) associated with croating a NOL carylorward, assuming a tax falo of 21% for current and future peciods. Note: if no entry is required for a transaction/event, select "No journal entry required" in the first account field, Enter your anawers in millions and round to nearest dollar amounts. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Assuming a tox rate of 35% in prior years, how much pietax net operating loss did Marathon caryeack to pror penods to got the refund indicated? Note: Enter your answers in millions and round to nearest dollar amounts. ( Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Whether Marathon could do an NOL carryback or an NOL carryforward, it would recover or avold some taxes by utilizing the NOL. How

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