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Begin by preheating the oven to precisely 350°F (180°C).
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For the cake batter, amalgamate all the specified ingredients in a clean, large mixing bowl. Ensure the ingredients are mixed thoroughly and uniformly.
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Gently transfer the batter into a pre-greased rectangular baking pan measuring 9×13 inches.
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Place the pan in the preheated oven and bake for an approximate duration of 35 to 40 minutes. The cake is adequately baked when its top acquires a deep golden-brown hue.
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As the cake bakes, prepare the cream cheese frosting. Start by creaming together the butter, cream cheese, and vanilla extract in a separate bowl until the mixture is smooth and devoid of any lumps.
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Gradually introduce the confectioners’ sugar into the mixture, continuously stirring to maintain a smooth consistency.
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Once the cake has been baked to perfection and removed from the oven, allow it to cool slightly. Proceed by uniformly spreading the freshly prepared cream cheese frosting over its surface.
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As a finishing touch, should you wish, evenly sprinkle the finely chopped nuts over the frosted cake.
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It is recommended to let the cake set for a few minutes before serving.