How to restore an iPhone 5 that needs an update?

How to restore an iPhone 5 that needs an update?

Added (1). I found an iPhone 5 outside my job and no one came to claim it and I was unable to find the owner, I hooked it up to my computer to restore it and it says it also needs an update. So I click restore and update but before it can update and then restore it says it needs the password. Is there anything else I can do or do I have to bring it to an Apple store?

Added (2). I found an iPhone 5 outside my job and no one came to claim it in a month and I was unable to find the owner, I hooked it up to my computer to restore it and it says it also needs an update. So I click restore and update but before it can update and then restore it says it needs the password. Is there anything else I can do or do I have to bring it to an Apple store?

You use iTunes. Put the iPhone in DFU mode and restore.

Just because you found it doesn't mean that you can keep it. Being in possession of stolen property is a crime in most places. Best thing to do is to turn it into the police.

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