A new machine is purchased on August 1, 2022, for $750,000. It has an estimated useful life of 8 years and a salvage value of $30,000 at the end of the asset's useful life. Depreciation is calculated using the straight line method.

Prepare the adjusting journal entry for depreciation expense for 2022.

Show the debit account AND amount in the first blank and the credit account AND amount in the second blank