The flight instructor reported that the flight began normally, with the student pilot departing the airport for maneuvering practice. During the flight, the instructor initiated a simulated loss of engine power, and the student pilot selected a runway for an emergency landing based on wind conditions and location. As they approached the runway, they determined they were too high to land directly and initiated a 270-degree turn to intercept the final approach. During the approach, the student extended the flaps earlier than anticipated, which resulted in greater than expected deceleration. They then observed that an obstacle, a trailer located near the end of the runway, was higher than anticipated. As the airplane neared the obstacle, the flight instructor assumed control of the airplane and applied full power to execute a go-around; however, the airplane struck the top of the trailer, pitched downward, and subsequently impacted a fence before coming to rest. Both of the airplane’s wings were substantially damaged during the accident sequence. The flight instructor and student pilot reported that there were no preimpact mechanical failures or malfunctions of the airplane that would have precluded normal operation.