Nu Consultants is suspected of misstating their project revenues. The income statement shows $2,800,000 in project revenues, but contract reviews suggest the actual revenue is $2,300,000. Additionally, $200,000 in deferred revenues were not recorded, and $150,000 in fictitious revenues were included.

Requirement: Calculate the correct project revenues and discuss the consequences of misstating revenues on the company's financial position.

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