Wilbur, Dee, and Randall Warnick formed Warnick Ranches general partnership to purchase and operate a ranch. The partnership agreement recited that the initial capital contributions of the partners totaled $60,000, paid 36% by Wilbur, 30% by Dee, and 34% by Randall. Their agreement further stated that additional contributions, or withdrawals, may be made to or from the capital of the partnership by unanimous agreement of all three partners. Over the years, Wilbur and Dee contributed additional funds to the ranch. However, because Randall needed cash, the partners also received cash distributions from time to time. 

Wilbur, however, left in the partnership account two $12,000 cash distributions that were otherwise payable to him. Ultimately, the net cash contributions of the partners, considering the initial contributions, payments to or on behalf of the partnership, draws not taken, and distributions from the partnership were as follows: Wilbur $170,112.60 (51%); Dee $138,834.63 (41%); and Randall $25,406.28 (8%). When Randall asked for a buyout of his share of the partnership, he claimed that he was entitled to the amount of his cash contributions plus 34 percent of the partnership’s assets. Has Randall correctly calculated his share of the partnership assets? Explain.