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@tobes
Yea, Carlton frames have wrap over seat stays.
Lugs could be Nervex.
Serial number appears to be in a format Schwinn used to use for their Paramount frames. A8724 would be the 24th frame of the model built in January 1987 (A being the letter code for the month, eg. A = January, B = February, etc).
Or may be I'm full of shit. Who knows.