Upsilon Technologies

• Upsilon Technologies is suspected of misstating their liabilities.
• The balance sheet shows $2,200,000 in total liabilities.
• An internal review indicates additional liabilities worth $500,000.
• There are $200,000 in contingent liabilities not recorded.
• $100,000 in fictitious liabilities were included.

Requirement: Calculate the true total liabilities and outline the fraudulent activities related to liability reporting.

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