Preheat oven to 350.
Line a baking sheet with parchment paper.
Place butter and sugar in stand mixer, and beat with paddle attachment on speed 2 until smooth.
Add eggs mixing until each is fully incorporated on speed 2.
Add extracts, baking powder, baking soda and salt, mixing well on speed 2.
Use a spatula to scrape down the sides, and add lemon zest and 1-1/2 cups of flour.
Mix on low; scrape sides with spatula, add lemon juice, and mix until fully blended.
Add remaining cup of flour, mix.
Add milk and food coloring, and mix until fully combined.
Scoop approximately 1-1/2 tablespoons batter, spaced evenly, onto baking sheet.
Bake for about 12-15 minutes, or until cakes spring back when touched.
Allow to cool for 2 minutes on baking sheet.
Transfer to baking rack to cool completely.
To assemble
In a stand mixer combine butter, powdered sugar, lemon juice, and lemon extract; mix on low speed until combined.
Spread the flat side of 10 cakes with the frosting.
Top each with another cake.
Place coconut or sprinkles in a small bowl.
Holding cake on its side, roll in desired topping to coat the frosting edges.
Serve or store in a sealed container