Julio has a house worth $220,000. he has a $175,000 mortgage. julio says that in this situation, his asset is really only $45,000. which statement explains whether julio is correct? a. julio is correct because the $45,000 equity in the house is the real asset. b. julio is correct because he can pay $45,000 and have no more liabilities. c. julio is not correct because the same item cannot represent both an asset and a liability. d. julio is not correct because the house cannot be worth more than the mortgage.