According to put-call parity, the payoff of a European put option can be replicated by a portfolio consisting of a short asset, a long call, and a long risk-free bond. This relationship is derived from the put-call parity formula:

P₀ = C₀ - S₀ + X / (1 + r)^T

where:

• P₀ is the put option price,
• C₀ is the call option price,
• S₀ is the asset price,
• X is the strike price,
• r is the risk-free rate,
• T is the time to maturity.

Option B correctly reflects this relationship, while Options A and C do not align with the put-call parity formula.