Sounds as if it's been running rich, unburned fuel going out the exhaust pipe and overheated the catalytic converter. Could be a number of things causing this, air restriction is a common problem due to anything from a clogged air filter to carbon fouled intake. Check Engine code probably coming from O2 sensor due to clogged cat.
Not sure what this will set you back cost-wise although import parts aren't cheap. The service writer will probably advise a performance maintenance package that will include a decarbonization of the intake and fuel injection cleaning which I will suggest you have done, particularly if your Corolla is mostly used for short commutes.
I had the IAC (Idle Air Control) unit replaced due to carbon fouling a few years ago, that and the performance maintenance procedure set me back about $500. I also own a 1998 Corolla with over 150K miles on the clock. Still has the original catalytic converter, engine, transmission, etc. Has been reliable except for replacing a few starters throughout its lifetime.
Good luck to you.
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