Quoted from sfspanky:Looks suspect. I'd cut off the end, strip fresh wire, remove old solder on the transformer connectors and resolder.
Power cord could be toast and so could the transformer.
Do you have a multimeter?
Agreed, that connection looks a bit crusty, also it's a double black wire with only one connected. Perhaps not needed?
That transformer does look a bit toasty. Not sure it's supposed to black and burnt looking, like that but testing would tell if it's functioning properly.