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Answer:
Peyton stole the bike.
Explanation:
Peyton does not plead not guilty. This shows that he has a certain regret about lying in relation to himself, but he does not want to suffer any reprisals that the theft of the bicycle can provide. In this case, Peyton prefers to blame his friend, removing the investigations from himself and focusing them on Taylor. In this case, with being blamed directly, Taylor may be nervous and not present coherent information about his innocence, summing himself up and relieving his friends of guilt.