Invert cake onto serving plate. Cut 1-inch slice crosswise from top of cake; set aside. With sharp knife, cut around cake 1 inch from center hole and 1 inch from outer edge, leaving cake walls 1-inch thick. Remove cake from center, leaving 1 inch thick base on bottom of cake. Tear cake removed from center into bite-size pieces; reserve. In large mixer bowl, beat cheese until fluffy. Gradually beat in sweetened condensed milk; until smooth. Stir in lemon juice, extract and food coloring if desired. Stir in reserved torn cake pieces and chopped strawberries.
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