For cake:
3 cups all-purpose flour
2 cups sugar
1/2 cup unsweetened cocoa powder
2 teaspoons baking soda
1 teaspoon salt
2 cups cold water
1 cup corn oil
1 egg yolk
1 tablespoon vanilla extract
1 1/2 cups semisweet chocolate chips
For frosting:
1/2 cup plus 4 tablespoons (1 1/2 sticks) unsalted butter, room temperature
5 cups powdered sugar
approx. 8 tablespoons whole milk
1 1/4 teaspoons vanilla extract
3/4 cup plus 3 tablespoons unsweetened cocoa powder
Optional: 1/2 cup creamy peanut butter
Make cake:
Preheat oven to 350°F. Butter and flour three 9-inch-diameter cake pans with 1 1/2-inch-high sides. Sift first five ingredients into medium bowl. Mix water, oil, egg yolk and vanilla in large bowl. Whisk in dry ingredients. Divide batter among pans. Sprinkle 1/2 cup chocolate chips over batter in each pan.
Bake cakes until tester inserted into center comes out clean, about 25 minutes. Cool cakes in pans on racks 15 minutes. Cut around pan sides to loosen cakes. Turn cakes out; cool completely.
Make frosting:
Beat butter in large bowl until fluffy. Gradually beat in 3 cups sugar. Beat in 6 tablespoons milk and vanilla. Add peanut butter if using. Add cocoa and remaining 2 cups sugar; beat until blended, thinning with more milk if necessary.
Assemble the cake:
Place 1 cake layer, chocolate-chips side up, on platter. Spread 2/3 cup frosting over. Top with second cake layer, chocolate-chips side up. Spread 2/3 cup frosting over. Top with remaining cake layer, chocolate-chips side down. Spread frosting over sides and top of cake. (Can be made 1 day ahead. Cover with cake dome; let stand at room temperature.)
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