Mercurio is a successful businessman and is married to Kurdapya. They have four legitimate children. Mercurio has also one illegitimate child. He has the following inventory of assets and liabilities as of December 2020: Exclusive properties - Cash P15,000,000 - Stocks and bonds investments P5,000,000 - Receivables from: o Antonia P1,200,000 o Liwliwa P650,000 - Electronic gadgets P1,500,000 - Cars P5,000,000 . Painting collection P5,000,000 - Farmlands with granary P25,000,000 - Delivery trucks P2,000,000 - Idle lands P4,000,000 - 5 units in a subdivision P5,000,000 - Mortgage attached to the idle lands P1,500,000 - Bank loans P14,000,000 Common properties - Joint bank accounts P15,750,000 - Joint investments P7,500,000 - Cars P2,000,000 - Family home P8,500,000 - Jewelry collection P1,500,000 - Coconut farm with coconut oil facility P10,000,000 Additional information: . Mercurio is also a partner in a prestigious auditing firm. His interest in the partnership as of December 2020 is valued at P12,000,000. . Antonia filed for bankruptcy on December 29, 2020. . All assets are valued close to their fair market values except for the painting that has a market value of P15,000,000. . Mercurio died on December 30, 2020. . Mercurio availed a life insurance where he irrevocably designated Jingjing, his executor, as the beneficiary. The proceeds from the life insurance is estimated to be P1,500,000. Requirements: 1. Calculate the total exclusive properties to be included in the gross estate. 2. Calculate the total common properties to be included in the gross estate. 3. What is the required percentage of the gross distributable estate to be included in the legitime for the compulsory heirs? 4. If Mercurio stated in the will that the painting collection will be given to his Uncle Kokoy, and the farmlands with granary will be given to Ambot, his best friend, will this make the will valid or invalid? Why? Show your supporting computations. 5. Calculate the net taxable estate 6. Calculate the estate tax due 7. Calculate the net distributable estate