Repair water damaged iPhone?

So I dropped my phone in a toilet and it stopped working. I used a hair dryer and rice to try and fix it but that did nothing and at the time I wasn't very knowledgeable so I kept trying to turn it on but it would never work and I ended up getting a new phone. A year has gone by and I'm teaching myself about repairing broken and damage electronics so I figured I'd look at the iphone I dropped in the toilet. I took it apart and there isn't much corrosion on it really but the battery is definitely done for and of course the water damage indicator is red. I just want to know is it possible to fix the phone with some cleaning solvents and a new battery or would I have to buy brand new components for it?

It's done, you can sell it for parts, but you shorted it out