Stolen phone: What's the process for filing a police report?

Someone lost their phone and filed a police report.
I found it on a hiking trail, picked it up, and decided to sell it.
As luck would have it, the buyer turns out to be the very person who lost the phone, and they show me proof that it was reported to the cops.
I returned the phone after verifying the IMEI number...

Now I’m calling the police to tell them I had a dispute with someone over the phone and was planning to flip it for profit immediately....

What happens now regarding the police? Can the owner just drop the charges since the phone was returned???

PS. The phone is worth about $433 on eBay.....

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She didn't even bother reporting it stolen (if it actually was), so once it turns up, the whole thing is just over, right? I mean, maybe 🤔

Someone reported their phone missing. I’m not sure if the person who got the phone back actually notified the police that it was returned...
I have no idea how this works—if a theft was already reported, is there any way to cancel the case?

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I mean, if we’re calling this theft, then I guess it stays on the books until the owner finally steps up and says, "Hey, actually, nobody's stealing anything." Only then does the whole case get tossed out.