This is a machine shop procedure which the head has to come off to accomplish.
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$20 to $400, just depends.
possible bad valve guides or blown head gasket possible bad valve guides or blown headgasket
Excess fuel causes black smoke.
Go to youtube, search for Davidsfarm, and he shows how to fix a valve.
the valve guides could be worn out The carburetor is running fuel rich and needs adjustment. If it were valve guides or rings the smoke would be blue