Chosen Solution
I kept smelling electrical burning in my office. I thought it was coming from the hallway. Turns out, it was the back of my computer. Found the Power Inlet Port and power cord fused together. When I pulled the cord out it ripped the male connectors out of the Mac. The computer was working great up until it wouldn’t turn on and I discovered the potential fire hazard. Would this be caused by the power supply that I’ve read about? I don’t see any damage on the mother board or inside the computer. I was thinking of buying a new Inlet port and power supply. Is there anything I’m missing or should do? Should I take the components to be tested… before spending the money?
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This was my original answer before anything else had been posted of this and Arther messed with it. I really don’t think you need to have the power input port you have pictured tested. This looks like an extreme power surge such as caused by lightning. In which case it may have weakened the entire system that may result in cascade failures. Check the rest of the house and your breaker box and if you find evidence of a lightning hit you will need to talk to your insurance agent. This is a very rare type of failure that I have only seen with lightning strikes.
I smelled burnt from My iMac desktop and the PC is drawing electrical power and fail to power up. I need help