On October 1, 2021, 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 2021 if Holt Company uses the straight-line method of depreciation? 0 $4,500 O $24,000 $12,000 O $6,000