More multiple choice questions. 4 points each 1. Last year, Twin Cities, Inc. had retained earnings of $710,000 at the end of the year. This year, Twin Cities paid a dividend of $55,000, and its end-of-year retained earnings were $780,000. What was the net income of Twin Cities, Inc. for this year? (3 pts.) Show work for full credit. a. $ 70,000 b. $ 15,000 c. $120,000 1. $125,000 2. What is the first step in the financial planning process? a. Raise additional funds needed b. Construct a pro forma income statement. c. Construct a pro forma balance sheet. d. Make a sales forecast