1. preheat oven to 350 degrees
2. grease and flour 3 9inch cake pans
3. cream butter, shortening and sugar
4. add eggs one at a time
5. combine flour, soda, salt and sugar and gradually add to butter mixture alternating with buttermilk
6. add vanilla and food coloring
7. blend well
8. pour into pans and bake 25-30 minutes
9. cool
10. for frosting
11. blend confectioners sugar, margarine, vanilla and cream with mixer until smooth and fluffy
12. additional cream may be needed to achieve consistency
13. frost layers and assemble
14. tint coconut with red food coloring and sprinkle over top
15. sides are not frosted