Preheat oven to 170°C and grease a baking dish or line with parchment paper.
Mix all dry ingredients in a large bowl.
Using a glass or spoon, make one large dent in the flour mixture and two smaller dents.
Pour the oil in the large and the vinegar in one of the smaller dents. Pour the extracts in the last dent.
Pour the water on top.
Using a whisk, mix everything well so no lumps remain.
Pour batter into prepared baking dish and bake ca. 30 minutes or until a toothpick inserted in the middle comes out clean.
Let cool completely in the pan before adding the frosting.
Add all ingredients to a bowl and mix for several minutes to reach a smooth and light consistency.
Frost the cooled cake. The frosting will be quite soft, so it will be easier to frost while the cake is in the pan.
Refrigerate at least 30 minutes to firm up frosting. Keep refrigerated until ready to eat.
Original recipe by Sweet Little Bluebird.