Combine peach slices and amaretto in container of electric blender. Process until blended and smooth.
Carefully split each cake layer in half horizontally to make 4 layers. Stack layers, spreading Peach filling between layers.
Cream butter and shortening in a large mixing bowl at medium speed of mixer. Gradually add about 1/3 of sugar, beating until light and fluffy. Add egg white, salt, and almond extract; mix well.
Gradually add remaining sugar and 1/3 cup whipping cream alternately, beginning and ending with sugar; add more whipping cream, if necessary, to make frosting a good piping consistency. Mix well after each addition. Continue beating until mixture is fluffy and creamy.
Spread frosting on sides and top of cake, spreading it smoothly with the back of a long metal spatula. Spoon remaining frosting into a decorating bag fitted with large tip No. 2110. Pipe a shell border around top and bottom edges of cake.
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