Cream together shortening and sugar until very creamy. Add eggs, one at a time, beating after each edition. Add flavorings and blend well. Alternately add flour and milk, beating after each addition until all is added. Fold in cherries last. Pour into a large greased and floured tube pan. Place in cold oven. Set oven at 275°F. and bake for two hours. Frosting: Blend margarine and cream cheese together at room temperature. Gradually add confectioners sugar and beat until smooth. Add flavoring; blend well. Fold in nuts, cheeries and coconut. Spread over entire cooled cake removed from pan. -