There's a big ol' Detroit transmission in the trunk, too.
These cars were pretty quick by 1988 standards, especially given the miserly $10,408 price tag (about 21 grand in inflation-adjusted 2016 dollars). BMW buyers paid $23,750 for a brand-new 325 that year, complete with 127 horsepower, while the AE92 Corolla GT-S made 115 hp and weighed 600 pounds less.
This one has been picked clean inside, but the 4AGE engine is still there. These engines aren't hard to find these days, so most end up getting eaten by the crusher once they get here.
Being front-wheel-drive, these cars have been spared the fate of their rear-wheel-drive AE86 and TE72 predecessors (being destroyed by 19-year-old wannabe drifter kings), but even 1980s Toyotas can't last forever.