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Tommy Testator, the deceased, was single with no dependents. The assets of his estate were...

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Accounting

Tommy Testator, the deceased, was single with no dependents. The assets of his estate were as follows:

Galaxy Bank account of $100,000
Loose cash worth $20,000, found in a sock under hismattress
Gold bars worth $100,000 in a safety deposit box
1978 Volvo worth $5,000
RRSP worth $1,000
First edition, signed copy of The Hobbit, valued at $50,000 (Canadian)
 

His debts were as follows:

Student loan of $60,000
Credit card debt of $40,000
Bank loan of $30,000
 

He wanted his close friends to inherit as follows:

1978 Volvo to Joe, plus $60,000 in gold bars to keep the car running
$10,000 to Steve from Galaxy Bank account
$10,000 to Paula from loose cash
$20,000 to the Cat Rescue Society
RRSP, Book, and Residue to Amy
 

How will Tommy's estate be distributed? Do the calculations, and briefly explain your calculations to our estate trustee client.

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