Preheat the oven to 350° and spray a 9x13 pan with pan spray and set aside.
In the bowl of a mixer, beat the softened butter and sugar on medium together until light and fluffy. Beat in the cream of coconut until smooth. Add in the eggs one at a time, mixing until fully incorporated before adding the next egg. Add the extracts, lemon zest, and milk and mix on medium-low until combined.
In a separate bowl sift together the flour, baking powder, baking soda, and salt. In 2-3 additions add the flour mixture into the wet ingredients until combined. Beat on medium for 2 minutes. Fold in the shredded coconut.
Pour the batter into the prepared pan and bake for 35-40 minutes, or until a toothpick comes out clean from the center of the cake and the cake springs back when pressed.
Cool completely and frost with the icing. Top with the toasted coconut and enjoy.
Beat the softened butter until light and fluffy. Add the powdered sugar and mix on low until combined. Turn the speed up and beat in the lemon juice, lemon zest, and milk until smooth.