JJH7669

Hey everyone. New to the forum and I want to say in advance that I appreciate any help anyone can give me.
I bought a 1996 Polaris 700SLT over the winter so when I purchased I was unable to put in the water. It supposedly ran good last year. Well guess what, it will run great on the trailer, but in the water it's basically a dog going no more that 20mph. It has a new oil pump, new battery, clean carbs, new spark plugs. The plugs are wet when pulled so both cylinders are getting gas. Bug it will not rev up in the water. The compression is running about 110psi on both cylinders. I know that is not great, but is this enough to cause it to not rev up in the water? If this is too low of compression, what would be recommended? A compression ring replacement or a total top end overhaul? As many of you on this forum, I am guessing, I am getting tired of working on this thing. I did pay only $600 for the waverunner with a trailer. Could anyone give my any recommendations?