Fruit Cocktail Cake

1 medium can fruit cocktail-DO NOT DRAIN
1 1/2 C. sugar
2 eggs
2 C. flour
3 tsp. baking soda

Icing:
1 stick butter
1/2 C.Pet milk
3/4 C. white sugar

Combine everything in large bowl and beat 3 minutes on high. Pour into an ungreased 13"x9" pan and bake at 350' for 40 minutes or till cake tests done. For icing, melt butter in saucepan. Add remaining ingredients. Cook till it boils. Boil 1 minute. Pour on hot cake.