Bile juice is produced by the liver and stored in the gallbladder, which is a small organ located beneath the liver. When needed, bile is released from the gallbladder into the small intestine to aid in the digestion and absorption of fats and fat-soluble vitamins. So, the correct answer is the liver secretes bile juice, and it is stored in the gallbladder before being released into the small intestine.

1. Pancreatic juice contains a lipase enzyme, which decomposes emulsified fats.

2. Lipase: It is an enzyme found in pancreatic juice and responsible for the breakdown of emulsified fats.