I've found a wallet full of $$$ and with ID card in it and with some phone numbers. What I did was to call on of those phone numbers and it happens to be the relative of the owner of the wallet. The relatives informed the owner with my location, she came asked me
O: what I do in life?
M: I'm a student.
O: when will you finish your university?
M: in few months I will graduate.
O: may I have your contacts? Emails phone numbers?
M: sure
5 months later (I've even forgot about that story) she called me wanting to employ me in her company. A full time job for a nasty position, a really great salary, no interview needed. Unfortunately for me or for her, I won another scholarship for a master degree and so I couldn't work for her for a full time job. So sad she was but then decided to give me a red envelop (Hong bao 红包
full of what I really needed that time to spend a good vacation before start my master these.
We keep relationship till date and I will easily find a job in her company once I'm done with my master degree but I have other plan of leaving this country once I'm done here.
Just to say that honesty is always honest and really thankful. Do not expect a thing before be honest, just be it and the feeling of being honest (my God) is beyond great.
I would take that phone to Verizon or whatever company the phone is linked to, ask them at Verizon to put me in contact with the owner of that iPhone and make sure I'm the one who hand the phone to its owner. Your son will also be proud of you, and might benefit from your honesty one day (who knows?) not today surely because he wants to play but then when he become a grown man. My 2 cents
And I do know some few ways to make iTunes read that iPhone but I will share that with you when you come to forget your password or something like that. Have a good day and tell only the truth to your kid, that's all what you own him "The Truth"