What was found
TWO HOURS AFTER TAKEOFF AT 35.0 FT, ALT ALERT AND ALT ALERT PUSH TO RESET LIGHTS CAME ON, WARNING TONE SOUNDED. APPROX 1 MINUTE LATER ACRID SMELL OF HOT ELEC INSULATION WAS NOTICED BY F/E. CAPT FOUND ALT ALERT COMP C/B POPPED ON PT7. RESET AND 20 SECONDS LATER LIGHTS REILLUMINATED, TONE SOUNDED AND C/B POPPED AGAIN APPROX 30 SECONDS LATER SAME SMELL. SMELL DISSIPATED AFTER 1 MINUTE. CHECKED AC/DC POWER AND GRD TO ALT ALER COMP. WIRES CHECKED OK PER W/D 34-12-41 PAGE 2. REMOVED AND REPLACED ALT ALERT COMPT PER MM 34-16-00 PAGE 501. OPS CHECK OK. (M)