According to the flight instructor, the purpose of the flight was to complete recurrent training in the airplane. While on the downwind leg for a landing on runway 5, the flight instructor configured the airplane for a simulated engine failure maneuver. The pilot said he told the instructor that the airplane was too high for a landing on runway 5, so they agreed that he would land on runway 32. The pilot said that as he turned the airplane onto the final leg for runway 32, the airplane overshot the centerline and it began to descend about 200 feet per minute. About 150 feet above ground level, the pilot added power, but the airplane continued to descend and the left main gear and left wing tip impacted the runway and the airplane bounced. The pilot added full power and executed a go-around. The pilot said that during the go-around he noticed that the left outboard wing was bent and an observer in the back of the airplane reported that the left main landing gear was bent. The pilot said he flew the airplane around the pattern, and after the airplane landed, he noted it was difficult to steer the airplane and the airplane veered off the runway and came to rest in a grassy area. During the hard landing, the airplane sustained substantial damage to the left wing. The flight instructor reported no preimpact mechanical malfunctions or failures with the airplane that would have precluded normal operation.