Tint fondant. Tint 1½ oz. fondant yellow using color combination provided. Yellow: 1 ½ oz. white fondant + 2Y + touch of O (use toothpick to add small amount of Orange to fondant).
Using fondant roller with pink guide rings, roll out yellow fondant. Cut to 2½ in. x 3 in. in size. Using pastry wheel, cut fringe (strips measuring about 1/8 in. in width), leaving about ½ in. at top connected.
Using damp brush, dampen ½ in. piece at top. Roll fondant to form tassel.
Using remaining fondant, roll two ropes, about ¼ in. thick. Twist together. Trim to 6 ½ in. long rope. Make small button, about ¾ in. across.
Position end of rope (without tassel) in center of cake. Attach button on top, using damp brush to adhere, if necessary. Let rope drape down side of cake. Attach tassel to end of rope with a damp brush.