Try one more test
- Remove the MXM card from its slot.
- Power-up the iMac again (with no GPU)
If you can see 2 LEDs lighting, then only the GPU is bad. The iMac might chim, the OS might still boot and you can see your iMac IP address on your router homepage.
If you still see only 1 LED lighting, then the logicboard is bad, too.