placement of #ifdef

I'm asking this question for the sake of readability of code. I'm having code that are between #ifdef statements. For example following is a code I have:

void setup()
{
    #ifdef DEBUG
        Serial1.begin(115200);
        Serial.print("<Debug is ready>");
    #endif
    
    pinMode(wakeupPin, INPUT_PULLUP);
    LowPower.attachInterruptWakeup(wakeupPin, newStartTime, CHANGE);
}

should the content between #ifdef statements be indented like I did. or should I outdented the #ifdef statements?

(deleted)

is that how the code would be indented if you removed the #ifdef?

our practice at Qualcomm was that macros were started at the first column and nested macros, #ifdefs within an #ifdef had one or more spaces after the '#" depending on the level of nesting

#ifdef DEBUG
# define BPS   15200
    Serial1.begin(BPS);
    Serial.print("<Debug is ready>");
#endif

    pinMode(wakeupPin, INPUT_PULLUP);

gcjr:
is that how the code would be indented if you removed the #ifdef?

our practice at Qualcomm was that macros were started at the first column and nested macros, #ifdefs within an #ifdef had one or more spaces after the '#" depending on the level of nesting

#ifdef DEBUG

define BPS  15200

Serial1.begin(BPS);
    Serial.print("");
#endif

pinMode(wakeupPin, INPUT_PULLUP);

thanks.