Q: ipod touch 5th generation, water damage

Hello. I accidentally spilled water on my iPod touch 5th generation and it has stopped working ever since. I have tried charging, connecting to iTunes, even putting it in rice but nothing is working. Is there anything I can do to make it work or at least retrieve information? Unfortunately the device is out of warranty. I have heard there is a water damage indicator that changes color when damaged. Where is that located on a iPod touch?

Also,will replacing the battery help the device work again?

Thanks.