During the year to $30$ September $20$X$8,$ the following events occurred in relation to Pipe Co$.$ All were material to the company's financial statements:

A claim for tax relief, submitted in $205,$ was rejected by the tax authorities. No appeal will be made. The resulting liability of $$15,000$ financial statements had been authorised for issue. The company had expected the claim to succeed.

A cut$-$off error in respect of inventory was discovered, which would have reduced the carrying amount of inventory by $$24,000$ at $30$ September $20$X$7.$

Obsolete inventory was written down to its estimated net realisable value of $$17,000$ at $30$ September $20$X$7.$ Due to further falls in the selling price of the inventory after $30$ September $20$X$7$ the inventory was subsequently sold for $$7,000.$

The retained earnings at $30$ September $20$X$7,$ as reported in the $20$X$7$ financial statements was $$530,000.$ What is the restated retained earnings balance at $30$ September $20$X$7$ as reported in the $20$X$8$ financial statements?

A$.$ $$496,000$

B$.$ $$506,000$

C$.$ $$515,000$

D$.$ $$516\mathrm{.}000$