In advance: Prepare carousel. Tint fondant: 8 oz. each dark orange, light orange, red, green, dark blue; 10 oz. light blue, 6 oz. yellow; reserve 24 oz. white. Roll out 1/8 in. thick as needed; reserve excess fondant. Cut six triangles (3 orange, 3 yellow) to cover canopy top; brush top sections with Piping Gel and attach, trimming as needed. Cut 4 x 36 in. blue strip to wrap over canopy edge; attach. Roll red ropes, 1/8 in. diameter; attach over seams using Thinned Fondant Adhesive.
For ball border, roll 32 balls, 1/4 in. diameter, in each of 4 colors; attach with Fondant Adhesive. For dark blue trim, roll 1/8 in. diameter ropes, 5 in. long, and 1/4 in. diameter balls; attach. Roll 1 1/4 in. diameter red ball; attach inside finial. Cover pillar bases. Decorate horses with fondant, trimming as needed.
Also: Make stars. Roll out yellow fondant. Cut 12 stars using medium Cut-Out. Brush with Piping Gel and sprinkle with colored sugar.
Bake and cool 1-layer cake. Prepare and cover with white fondant.
Prepare for Push-In Pillar Construction, using canopy to mark position for pillars. Cut 1 x 3 in. fondant strips and attach to cake sides using damp brush, alternating colors. For ball border, roll 15 balls, 1 in. diameter, in each of 3 colors; attach with Fondant Adhesive. Roll very thin ropes, 2 in. long, and attach for spiral trim. Attach stars.
At party: Slide on horses, then bases. Insert pillars. Position canopy.
*Combine Leaf Green with Lemon Yellow for green shown.