During a training flight, while at 90 knots and 750 feet above the ground, while on the left downwind for runway 35, the 6,250-hour flight instructor reduced the airplane's engine power to idle, and asked the 7,237-hour airline transport pilot to perform a simulated forced landing. The pilot proceeded to complete his loss of engine power emergency checklist as he turned the airplane towards the runway. The airplane settled into a descent rate of 600 to 800 feet per minute (FPM). While at approximately 75 to 100 feet above ground level (AGL), while at an indicated airspeed of 78 knots, the pilot "began increasing the [engine] throttle to maximum [power]" to arrest a developing high rate of descent. The engine reportedly did not respond. Subsequently, the airspeed continued to decay and the airplane landed hard approximately 85 feet beyond the landing threshold. The nose landing gear collapsed and the airplane exited the edge of the 60-foot wide runway before coming to rest in the upright position. Both pilots were able to egress the airplane unassisted. An examination of the airplane's engine and flight controls did not revealed any pre-impact anomalies. The wind at the time of the mishap was reported as variable at 6 knots, and the density altitude was estimated at 3,000 feet.