Heat oven to 325° F. Grease and flour pan. In large mixing bowl, mix sugar and butter until very light and fluffy. Add eggs and mix until very light and lemon colored, about 5 to 6 minutes. Add coconut milk and coconut extract; mix well. Add flour, baking powder and salt; mix well. Beat on medium speed 2 minutes, scraping bowl occasionally. Spoon into prepared pan. Bake 55 to 60 minutes or until toothpick inserted in center of the cake comes out clean. Cool 10 minutes. Remove from pan; cool completely on rack. Serve with sweetened whipped cream and toasted coconut, if desired. 16 servings.