On May 25, 2007, at 0930 eastern standard time, a Luscombe 8A, N2897K, collided with the terrain during a simulated forced landing to a private airstrip in Elwood, Indiana. The commercial pilot was not injured and the certified flight instructor (CFI) on board sustained minor injuries. The airplane was substantially damaged. The purpose of the flight was for the commercial pilot to receive a flight review. The local flight was being conducted under 14 CFR Part 91. Visual meteorological conditions prevailed and no flight plan was filed. The flight originated from Elwood, Indiana, at 0915. Both pilots stated they had performed two simulated emergency landing approaches and the accident occurred on the third simulated emergency. Both pilots reported that during the third simulated emergency, the commercial pilot made a 180 degree turn to return to the landing strip. The commercial pilot reported they were "to low and to slow" when they reached the landing strip. The CFI reported he added full power, but it was too late and the airplane contacted the ground at a slow speed.