iMac g3 M5521 slot loader - spark in back and pop in speakers and no further life

Just got an iMac G3 M5521 1857 - 500/IN/64/20/CD/128PRO/56K for dirt cheap advertised as does not power on but couldn't resist for the price

Where to start with troubleshooting this? It seems like a capacitor or power supply issue, would that be the right track to work on?

Attached video for sounds
 

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