DIRECTIONS: FOR THE CAKE:Whisk together the egg whites and 1/4 cup of the milk in a small bowl.
In a mixing bowl, beat butter, sugar, vanilla and almond extracts for 2 minutes on medium speed.
Add dry ingredients and mix until combined.
Beat in egg white mixture until fully blended.
Add in remaining milk and beat for 3-4 minutes.
Fold in coconut.
Spray two 9-inch cake pans with baking spray.
Pour batter into pans and bake in a 350-degree oven for 26-28 minutes.
Remove and cool completely on wire rack.
FOR THE FROSTING:
Beat butter and cream cheese for 3 minutes.
Add powdered sugar and heavy cream.
Beat an additional 4-5 minutes.
To assemble, place one layer of cake on a cake stand.
Add a large amount of frosting to top and smooth with a spatula.
Top with the second layer of cake.
Apply the frosting to the entire cake.
Add the coconut to the top and sides of cake, place cake stand on a baking sheet (to help catch excess coconut).
Press coconut gently into the top and sides of cake.