On October 1, 2017, Holt Company places a new asset into service. The cost of the asset is $120,000 with an estimated 5-year life and $30,000 salvage value at the end of its useful life. What is the depreciation expense for 2017 if Holt Company uses the straight-line method of depreciation? Select one: O a. $24,000 b. $12,000 OC. $4,500 O d. $6,000