54701 ÷ 8 = 6837 R5
Alright, let's work through the division of 54701 by 8 step by step.

Step 1:
8 goes into 5 0 times with a remainder of 5.
Write down 0 as next digit of of the result. 
Result so far: 0
Subtract 0 from 5 to get 5.
Bring next digit (4) of the dividend behind the 5 and repeat the process: 54 / 8

Step 2:
8 goes into 54 6 times with a remainder of 6.
Write down 6 as next digit of of the result. 
Result so far: 6
Subtract 48 from 54 to get 6.
Bring next digit (7) of the dividend behind the 6 and repeat the process: 67 / 8

Step 3:
8 goes into 67 8 times with a remainder of 3.
Write down 8 as next digit of of the result. 
Result so far: 68
Subtract 64 from 67 to get 3.
Bring next digit (0) of the dividend behind the 3 and repeat the process: 30 / 8

Step 4:
8 goes into 30 3 times with a remainder of 6.
Write down 3 as next digit of of the result. 
Result so far: 683
Subtract 24 from 30 to get 6.
Bring next digit (1) of the dividend behind the 6 and repeat the process: 61 / 8

Step 5:
8 goes into 61 7 times with a remainder of 5.
Write down 7 as next digit of of the result. 
Result so far: 6837
Subtract 56 from 61 to get 5.

The final result is 6837 with a remainder of 5.