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The new DC-In-Board arrived today and I attempted a quick connect to the system board and connecting the power adapter. There is no light on the adapter. I'll probably reassemble everything tomorrow and give it a try.
 
This morning I reassembled the system with the new DC-In-Board and, unfortunately, there is no change. The power supply light still does not illuminate and the system does nothing. I have tested with three different power adapters and the results are the same. I tested two of those power adapters with my 2006 MacBook and they both work fine.

The problem is definitely with the system and, given the only other part left is the system board, probably a problem with it. I checked Ebay for replacement system boards and I may as well buy a complete, working system.

For the time being I am going to consider this a completed project unless something new arises. I'll probably return to it at some point but not any time soon. Bummer as I just purchased 8GB of RAM for it right before it failed.
 
Last night I watched a YouTube video regarding this issue. The individual apparently has a business repairing these systems. For the particular system in the video there was a surface mount IC that needed replaced. It looks like a fairly simple repair (assuming my issue is this IC). However, since I don't have any parts I am not going to bother breaking out the scope to see if the problem is this IC. The only place I would know to source parts would be off another system board and if I am going to purchase a known working system board I may as well just install the system board as a whole.

The video did answer a question which came up earlier in this thread: Yes, connecting the DC-In-Board to the system board while completely out of the system will illuminate the power adapter light.
 
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