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:

a$.$ $$6,000$

b$.$ $$12,000$

c$.$ $$24,000$

d$.$ $$4,500$