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I’ve got an iMac EMC 2308 I’m working on. Once you press the power there is no video, no bong and nothing on the display but I can hear the hard drive spinning and a slight fan noise. How can I tell if its a bad power supply or motherboard?

There are indicator lights built onto the motherboard that will light up to show you what parts are getting power. Here is a post that should help you. Where are the diagnostic led’s on this model’s logic board