Spray a 9x13 pan with cooking spray then dust the pan with flour.
In a small bowl, whisk together the flour, baking soda and salt. Set aside.
In a large bowl, beat together the eggs, sugar and vanilla.
Add in the flour mixture and fruit cocktail, beating well.
Pour the batter into the prepared pan.
Sprinkle the brown sugar and walnuts on top of the cake.
Bake for 35-40 minutes or until the cake tests done.
While the cake is baking, prepare the frosting.
In a saucepan over medium heat, mix together the sugar, butter and evaporated milk. Bring the mixture to a boil, stirring constantly. Allow the mixture to thicken slightly.
Remove the pan from the heat and fold in the coconut.
As soon as the cake comes out of the oven, poke the top of the cake with a fork to make holes, then spread the coconut frosting on top of the cake.
Serve the cake with a dollop of whipped cream and cherry.
Store in an airtight container at room temperature.
The calories shown are based on the cake being cut into 15 pieces, with 1 serving being 1 slice of cake. Since different brands of ingredients have different nutritional information, the calories shown are just an estimate. **We are not dietitians and recommend you seek a nutritionist for exact nutritional information.**