Preheat oven to 325°F. Grease and flour a 10-inch tube pan.
Cream butter and shortening. Gradually
add sugar, beating well. Add eggs one at a time, beating well after each addition.
Using a spoon, add flour to creamed mixture alternately with eggnog, beginning and ending with flour. Stir in coconut and flavorings. Blend well.
Pour batter into prepared pan. Bake in preheated oven for 1 1/2 hours or until a tester comes out clean.
Cool 10 minutes in pan. Remove to a wire rack and allow to cool completely.