Preheat oven to 350. Grease or spray a 9-inch diameter round cake pan. Set aside.
Melt the butter on the stove and add the sugar. Stir until golden brown and bubbly (about 4 minutes).
Pour the sugar/butter mixture into the prepared pan and spread into an even layer. Let cool for 2 minutes.
Arrange the pineapple rings on top of the sugar mixture. Begin with the centre ring and then arrange the remaining rings in a surrounding circle (if using fresh pineapple, trim to fit). Place a cherry in the centre of each ring.
Sift flour, baking powder and salt. Set aside.
With a mixer, cream softened butter and add sugar. Add eggs one at a time, scraping down the sides as you go. Add vanilla and beat for 5 minutes until smooth.
Add ½ of the flour mixture followed by all of the pineapple juice, beating in between each. Add the remaining flour mixture and beat until smooth. Spoon evenly over the pineapple rings.
Bake for 40 minutes until a toothpick comes out clean.
Cool the cake for exactly 10 minutes. Run a knife around the edge. Then place a serving plate over the cake and carefully invert the plate and the pan at the same time. Slowly lift the pan. Serve with whipping cream or coconut ice cream.
