On my way into work this am, I started hearing a light clunk from what sounded like upper left rear suspension. Got off interstate and into town and hit a bump and light clunk turned into embarrasing loud thunk, happens over every bump. Pulled into garage at work, and saw bottom of left rear shock, complete w/ bolts and jagged metal around bolts. I have to assume that my trailing arm is trashed? Has anyone else had this happen?

Like to hear input before I take it in for fix, as I don't have time right now. Any idea on time involved and related bushings that should be replaced?