We look at the division of 692421 by 8 
We're looking to find how many times 8 goes into 692421.

Step 1:
8 can be fit into 6 0 times, resulting in a remainder of 6.
Use 0 as the next digit of our solution. 
Result so far: 0.0
Deduct 0 from 6 and we're left with 6.
Include the next digit (9) from the dividend after 6, then repeat: 69 / 8

Let's proceed to step 2:
The number 8 fits into 69 8 times, leaving a remainder of 5.
The next digit of our result is 8. 
Result so far: 8.0
The remainder is 5 after subtracting 64 from 69.
Fetch the next digit (2) from the dividend, attach it to 5 and continue: 52 / 8

Step 3:
52 divided by 8 is 6 with a remainder of 4.
The number 6 becomes the next digit in our result. 
Result so far: 86.0
Subtract 48 from 52 to get 4.
Fetch the next digit (4) from the dividend, attach it to 4 and continue: 44 / 8

Moving on to step 4:
8 goes into 44 5 times with a remainder of 4.
Record the quotient 5 as the next digit in the result. 
Result so far: 865.0
If we subtract 40 from 44, we get 4.
Include the next digit (2) from the dividend after 4, then repeat: 42 / 8

Advancing to step 5:
If we divide 42 by 8, we get 5 and a remainder of 2.
Record the quotient 5 as the next digit in the result. 
Result so far: 8655.0
Deduct 40 from 42 and we're left with 2.
Fetch the next digit (1) from the dividend, attach it to 2 and continue: 21 / 8

Advancing to step 6:
21 divided by 8 is 2 with a remainder of 5.
The next digit of our result is 2. 
Result so far: 86552.0
The remainder is 5 after subtracting 16 from 21.
Since there are no more digits in the dividend, we add a zero to the remainder making it 50, and continue the process.

On to step 7:
The number 8 fits into 50 6 times, leaving a remainder of 2.
The next digit of our result is 6. 
Result so far: 86552.6
Subtracting 48 from 50 leaves us with 2.
Since there are no more digits in the dividend, we add a zero to the remainder making it 20, and continue the process.

Advancing to step 8:
The number 8 fits into 20 2 times, leaving a remainder of 4.
Use 2 as the next digit of our solution. 
Result so far: 86552.62
If we subtract 16 from 20, we get 4.
Since there are no more digits in the dividend, we add a zero to the remainder making it 40, and continue the process.

Let's proceed to step 9:
The number 8 fits into 40 5 times, leaving a remainder of 0.
Use 5 as the next digit of our solution. 
Result so far: 86552.625
If we subtract 40 from 40, we get 0.
Since there are no more digits in the dividend, we add a zero to the remainder making it 0, and continue the process.

On to step 10:
If we divide 0 by 8, we get 0 and a remainder of 0.
Put 0 as the next digit of the answer. 
Result so far: 86552.625
Subtracting 0 from 0 leaves us with 0.
Since there are no more digits in the dividend, we add a zero to the remainder making it 0, and continue the process.

Step 11:
When dividing 0 by 8, we get 0 with a remainder of 0.
The next digit of our result is 0. 
Result so far: 86552.625
Deduct 0 from 0 and we're left with 0.
Since there are no more digits in the dividend, we add a zero to the remainder making it 0, and continue the process.

In conclusion, the division gives 86552.625 with a balance of 0.0.