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Remove the damaged wall board but save it to use as a template for new board.
At home depot you can buy a 2' x2' "handy board" in 1/2 " gypsum board (sheet rock). Now trace the outline of the sheetrock you removed onto the new piece and cut it out. You can use a utility knife to score on the marked line and snap and break away the gypsum board on the scored line then use a rough file on the edge to smooth out curved lines. Now secure two short 1" x 6" pine boards, behind the good sheetrock extending from right to left essentially covering the opening and overlapping behind the good sheetrock remaining about 4" on either side , secure the pine with 1 5/8" sheetrock screws, screw through the front of the good sheetrock into the wood behind it, counter-sink all screws. Now you will have pine covering the opening and directly behind the good sheetrock with the front of the pine directly in contact with the back surface of the good sheetrock. This provides a firm surface to now screw the new piece of sheetrock to the pine, and cover any screw holes and seams with wall board compound, let dry, sand smooth, recoat if required, prime and finish paint.
Head out to your local hardware store (Home Depot/Lowes) and ask for a wall patch kit. Make sure you measure about an extra 2" around the hole you want to patch. The kit will walk you through doing the patch. On a hole this size I typically want to re-enforce behind the drywall. Pick up a couple of paint stirrers (they are free) and make sure you have some smaller wood screws on hand. remove the broken drywall/board so that you have clean edges. (in your case remove the floor trim to make life easier) and then screw the two paint sticks behind the drywall so that they are evenly spaced - this will make the patch stronger. Screw from the outside through the drywall/wall board into the paint stick. Once that is done - follow the directions on the wall patch kit. Make sure you sand really well and then apply the wall patch plaster. If you have to match a texture - pick up a can of spray texture - play with it a bit to get the right finish -
https://www.youtube.com/watch?v=qOSzbX92ttM
https://www.youtube.com/watch?v=Fdy9uRvpI-E
https://www.youtube.com/watch?v=sqUcw_f5E_0
copy and paste the links i posted or go to youtube.com and type in fixing holesin drywall and you will get videos on fixing the hole, just watch and learn.
with a hole this big I would rather cut the space out to the studs, usually 16" spaced apart, that way no pine board backing is needed to screw the new drywall to. cut to the center of the stud measure your sheet rock patch, put it in place and screw to the stud, tape and mud, sand, prime and paint. but that's just my opinion