Bake and cool 2-layer cake. Prepare for rolled fondant by icing lightly with buttercream. Tint 24 oz. fondant blue. Cover cake and smooth with Fondant Smoother. Roll out remaining fondant 1/8 in. thick. Using knife, cut 17 strips, 4 x 1/2 in. wide. Cut holes 1/2 in. apart using narrow end of tip 10. Attach to cake sides, 1 in. apart, with adhesive. Attach carnations with adhesive, 1/2 in. below top edge of cake. Insert monogram in cake top.