Preheat oven to 350 degrees. Grease 2 doughnut pans with non stick cooking spray and set aside.
In a large stand mixer bowl, combine all dry ingredients on low speed. In a liquid measuring cup pour all wet ingredients and whisk to combine. With the mixer on low speed, slowly pour the wet ingredients into the dry. Scrape sides and mix again until smooth batter forms.
Pour into greased doughnut pans until they are 2/3 full and bake 7-10 minutes. Remove from oven, cool 5 minutes then remove to cooling rack.
While the doughnuts cool, whip cream cheese and butter together. Stir in powdered sugar and extracts. With mixer on low, stream in milk until desired consistency is reached. Scrape sides and whip again. Spread frosting over top each doughnut and sprinkle with coconut. Serve.