Wrecked ceiling wall, how to fix

I wrecked the ceiling/ wall bringing down a sofa. I’m a new home owner so not sure how to fix this. I have the paint since we repainted everything.

Not sure if I should use the pink stuff or something else. Any suggestions?

EDIT - Thanks all for the advice and suggestions. I was able to rebuild the corner using spackle and have sanded it. I put on the first coat of paint and am quite confident this will look as if there were no damage at all.