2516 ÷ 5 = 503 R1
Alright, let's work through the division of 2516 by 5 step by step.

Step 1:
5 goes into 2 0 times with a remainder of 2.
Write down 0 as next digit of of the result. 
Result so far: 0
Subtract 0 from 2 to get 2.
Bring next digit (5) of the dividend behind the 2 and repeat the process: 25 / 5

Step 2:
5 goes into 25 5 times with a remainder of 0.
Write down 5 as next digit of of the result. 
Result so far: 5
Subtract 25 from 25 to get 0.
Bring next digit (1) of the dividend behind the 0 and repeat the process: 1 / 5

Step 3:
5 goes into 1 0 times with a remainder of 1.
Write down 0 as next digit of of the result. 
Result so far: 50
Subtract 0 from 1 to get 1.
Bring next digit (6) of the dividend behind the 1 and repeat the process: 16 / 5

Step 4:
5 goes into 16 3 times with a remainder of 1.
Write down 3 as next digit of of the result. 
Result so far: 503
Subtract 15 from 16 to get 1.

The final result is 503 with a remainder of 1.