Puree drained beets using a blender. Combine all ingredients in large bowl. Mix well, and pour into a 10-inch fluted tube pan or 13x9-inch cake pan.
Bake at 350 degrees F until toothpick inserted in center comes out clean (50 minutes for tube pan and 35 minutes or cake pan). Let stand in tube pan for 10 minutes. Remove from pan. Cool completely on a wire rack. Makes 12 servings.
In a medium mixing bowl, combine powdered sugar, milk, shortening, corn syrup, vanilla, butter flavoring, and 1/2 teaspoon almond extract. Frost cooled cake.