To Make the Cake: Preheat oven to 325 degrees. Lightly grease a six inch round pan and set aside. In a mixer set to low, mix together the sugar, butter and oil until smooth. Stir in the flour, cornstarch or arrowroot powder, baking powder, baking soda, and salt until stirred well. Stir in the milk, eggs, extracts, continuing to stir until smooth. Fold in the coconut.
Pour batter into the pan. Bake at 325 degrees for 25-30 minutes or until a toothpick inserted into the center comes out clean. Remove the cake from the oven and allow to cool for 15 minutes before removing cake from pan and cooling on a cooling rack. Frost cake when cool.
To make the frosting: In a mixer, whip together the butter, sugar, salt and coconut cream. Add 1-2 tablespoon as needed to frosting. Tint with natural gel food color if desired. Frost the cake, then decorate.
Notes
To store the cake, place in an airtight container in the refrigerator for several days. You can also freeze the cake for up to one month.