1In a large bowl, cream the shortening and the white sugar together until fluffy. Add eggs one at a time to the creamed mixture, beating well after each addition. Add the flavoring.
2In another bowl, combine flour and baking powder together. Add these dry ingredients alternating with the milk to the creamed mixture. Stir 3/4 cup chopped cherries into the batter.
3Pour batter into a greased tube pan, and bake at 350 degrees F (175 degrees C) for 1 1/2 hours.
4To Make the Frosting: Cream together the cream cheese and the butter in a small mixing bowl. Gradually add the confectioners' sugar. Stir in the 1/4 cup cherries and coconut. Frost cake when cool.