Using Cake Dividing Set, divide cake in 8ths.
Roll out reserved pink, blue, green and yellow fondant 1/8 in. thick and cut 2 ribbon strips in each color, 8 in. long, using Ribbon Cutter/ Embosser wheels as for loops.
Brush backs with water and attach at each cake division; trim excess. Trim off corners of bow loop ends to form an outward "V" shape.
Attach ends where ribbon strips meet with thinned fondant. Attach center loop and curliques with thinned fondant.