JSI Tip 1739. Error 1501 - Event logging?

When you run the Event Viewer, you receive:

The Eventlog service on the local machine is not started.

Using Control Panel / Services / Eventlog / Start, you are greeted with:

Could not start the Eventlog service on \\<machine name>.
Error 1501: No event log file could be opened, so the event logging service did not start.

Insufficent permissions have been granted on the three log files in %SYSTEMROOT%\SYSTEM32\CONFIG.

You require Change permissions on the Folder and files. Grant either or all of the following:

 Admininstators - Change
 System - Change
 Everyone - Change

The default permissions on the %SystemRoot%\System32\Config folder, which I recommend, are:

 Administrators - Full Control
 Creator/Owner - Full Control
 Everyone - List
 Server Operators - List
 System - Full Control