Mix all ingredients in a mixing bowl, except for the cream cheese frosting.
Line the bottom of three 8" pans with wax paper. Split batter evenly between all 3 pans and bake three separate cakes, each for 45-50 minutes or until a toothpick comes out clean.
Cool cake layers in pan on wire rack for 5 minutes.
Invert the cake and pan and hit the bottom of the pan until the cake pops out onto the cooking rack (note that this should happen pretty quickly. If it is stuck, take a butter knife and run it along the edge of the cake and try again).
Repeat with other layers and allow all layers to cool completely.
For Cream Cheese Frosting: (see notes below)
Mix all the ingredients with a stand mixer or hand mixer.
For a lemony flavor, add a little amount of fresh lemon juice.
Cake Assembly:
Place one layer, rounded side up, on cake plate, spread an even coat of frosting to within 1/4 inch of the edge.
Place second layer, rounded side down, on frosted layer. Spread an even coat of frosting to within 1/4 inch of the edge.
Place third layer, rounded side up, on frosted layer. Coat the sides of the cake with a layer of frosting. Swirl more frosting on the side, forming a 1/4-inch ridge above the top of the cake.
Spread remaining frosting over the top of the cake, just meeting the built-up ridge around side and frost the side of the cake. Leave the top smooth for decorations.
Notes
Nutritional Information below - serving size is each 8" round cake.Cream Cheese Frosting - depending on how you serve this cake, you may need to double the cream cheese frosting recipe above.Frosting helps seal in a cake's moisture, and add another element of flavor and texture. The key to frosting a cake well is to make sure the layers are cool and free of crumbs before you apply the frosting.For decoration, sprinkle shredded coconut all over the cake sides and top. Alternatively, coat the side of the frosted cake with chopped walnuts. Orange food coloring can also be added to the frosting to decorate the top of the cake with frosting swirls and shapes.