Assume that a firm had shareholders' equity on the balance sheet at a book value of $1,600 at the end of 2010 . During 2011 the firm - earns net income of $1,300, - pays dividends to shareholders of $600, and - uses $300 to repurchase common shares. What is the book value of shareholders' equity at the end of 2011 ? $2.000 $400 $3,800 $2,600