The correct answer is C because the put-call parity relationship for European options is given by:

$S_0 = C_0 - P_0 + \frac{X}{(1 + r)^T}$

This implies that a long position in the underlying asset can be replicated by:

• A long call (to capture upside potential),
• A short put (to offset downside risk),
• A long bond (to ensure the present value of the strike price is accounted for).

Options A and B are incorrect as they do not correctly replicate the payoff of a long asset position under put-call parity.