How to Make It
Make the Coconut Cake: Preheat oven to 400°F. Grease and flour 4 (9-inch) round cake pans.
Beat first 7 ingredients at medium speed with an electric mixer until well blended. Add extract,
beating well. Add eggs, 1 at a time, beating until blended after each addition. Stir in flaked coconut. Pour batter into prepared pans.
Bake at 400°F for 20 minutes or until a wooden pick inserted in center comes out clean. Let cool in pans on wire racks 10 minutes. Remove from pans to wire racks, and cool completely (about 1 hour).
Meanwhile, reduce oven temperature to 350°F. Arrange coconut shavings in a single layer in a shallow pan. Bake, stirring occasionally, 8 to 10 minutes or until toasted.
Make the Coconut Filling: Cook first 4 ingredients in a large saucepan over medium-low heat, whisking constantly, 12 to 15 minutes or until thickened and bubbly. Remove from heat, and stir in coconut and extracts. Let cool completely (about 30 minutes).
Make the Whipped Cream Frosting: Beat all ingredients at high speed with an electric mixer until stiff peaks form.
Spread Coconut Filling between layers of cake, leaving a 1-inch border. Spread Whipped Cream Frosting on top and sides of cake. Sprinkle toasted coconut on top of cake, pressing gently to adhere.