I have a 1988 Yamaha Phazer 500 and it is not running on one cyl. Checked spark and good on both cyl and it has 130# of compression on both cyl

I'm having a very similar problem.... Nissan Navara 2006 6 cyl petrol

have you check for your back pressuire ,check the catalyst converter might be bad

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There are four things required for an engine to run: air, fuel, compression and properly timed spark. If you have fuel and timed spark, the only two variables are air and compression. Air is not the likely problem, and compression should be good unless you blew a head gasket or the rings in all four cylinders. How did you determine that you have fuel and spark? Those are the two most likely problem areas.

Could be a broken rod that has left the piston up in the cylinder somewhere and not moving or there is a very large hole in it. With a spark plug out can you get a long screwdriver in there and push on it so see of the piston moves. Either way it sounds like a rebuild is in your near future.

Can stop cranking. With compression figures that low, it will never start. Are you sure the figures are accurate? Throttle wide open when cranking up pressure? Compression has to be at least 100 psi for the spark to ignite the mixture.
If the belt broke while engine was running, and if it is an interference engine, you may have sustained some bent valves, internal damage to one or more cylinders, but not, I don't think, to all cylinders. I don't understand how you are getting such low compression on all cylinders Those figures sound like both head gaskets are failed, or the timing is way off.
Review your timing procedure and recheck compression. Something is definitely wrong. Hope you can figure it out. Good luck.

have the intake gasket checked. spray carb/choke cleaner around intake gasket and if rpms change then you have a bad gasket which causes rough idle bad fuel econ

take the head off bent valves thats for sure

You said compression is good then i would say you may have a bad coil , unless one coil runs all cylinders, but could still be a coil,,next thing i would check would be the injector make sure it gets a pulse if it does then try switching injectors from that cylinder to another cylinder and see if the weak cylinder changes with the injector change, if it does then you have a bad injector,

WET PLUD W/GOOD COMPRESSION IS USUALLY NO SPARK.YOUR ENGINE HAS 3 IGNITION COILS.EACH COIL CONTROLS 2 SPARK PLUGS.TRACE THE WIRES FROM THE BAD SPUGS BACK TO THE COILS .IF THEY ARE THE SAME COIL THEN U HAVE A BAD ONE OR CONTROL MODULE(UNDER COIL)

Checked on this....you should be up in the 170 area.