Water Damaged, IC Power Chip

drakan4839 not sure how you determined it is the power IC that has failed. You did not tell us how you diagnosed it and how you treated the water damage. It is imperative that you clean the board as well as anything that connects to it. You can use some high grade isopropyl alcohol and a brush to do so. Second most important thing is to change the battery. Once you do all that, then you start the actual trouble shooting

@drakanhps "sumberged the phone in a large dry bowl of rice for four hours," big no-no. Rice does not work. It is the equivalent of doing nothing. Check on here as well as on here. It is a myth and here on ifixit it is pretty much frowned upon. Definitely clean the device properly . Use something like this guide for the cleaning. It was written for an iPhone but all the points still apply to your phone as well. Your battery may have enough power for an LED but may fail with a higher power demand. Anyhow, once you do that let us know what you find when you power it up. Do not do it unless the phone is properly cleaned. It will eventually fail. Post some images of your board and what irregularities you found around the IC. For that use this guide