31 On September 1, 2020. Holt Company places a new asset into service. The cost of the asset is $160.000 with an estimated 5-year life and $40.000 residual value at the end of its useful life. What is the depreciation expense for 2020 if Holt Company uses the straight-line method of depreciation? 1. $20,000 2. None 3. $24,000 4. $6.000 5. $8,000