Preheat oven to 350 degrees. Mix all ingredients for cake, including juice from fruit cocktail. Pour into a greased and floured 13 x 9 cake pan. Bake for 45 minutes to 1 hour. Remove cake from oven and, using a fork, poke holes all over cake. Mix all ingredients for icing and bring to a boil. Remove from heat. Pour hot frosting over cake while cake is still warm.