After takeoff the pilot climbed straight ahead to 200 feet agl with flaps set at 20 degrees. Reaching 200 feet, he retarded the throttle to produce a simulated engine failure. He then moved the yoke forward and established a downward descent angle. As the aircraft neared the runway, he recognized that a high sink rate was developing. Simultaneously, he flared and added full power in an effort to slow the descent. The airplane landed hard and collapsed the left main landing gear.