It's very easy, I had to change mine because it kept failing to lock when I wanted to lock it...
With the trunk open:
1. You'll see a LONG U-clip. Pull it, take it out. It's the one with the red arrow.
2. The clip with the green arrow, it spins to clip/unclip off that rod. Turn it to unclip it from the rod, and the rod should be able to slide out of it.
3. Then the lock cylinder should come out, push it out.
If you have problems looking for replacement trunk lock cylinders with keys, go on eBay and search in 1988 Corolla or 1989 Corolla; they go for about less than $15-$20. There will be should be several trunk lock with keys for sale. Also the entire lock and key set for both doors, ignition and trunk if you want to stay with one key...
Hope this helps.