In a large bowl, combine the first six ingredients; beat on low speed for 30 seconds. Beat on high for 2 minutes. Pour into two greased and floured 9-in. round baking pans.
Bake at 350° for 30-35 minutes or until a toothpick inserted in the center comes out clean. Cool in pans for 10 minutes before removing to wire racks to cool completely.
For frosting, in a small heavy saucepan, cook butter over medium heat for 5-7 minutes or until golden brown. Pour into a large bowl; beat in confectioners’ sugar and orange juice.
Cut each cake horizontally into two layers. Place bottom layer on a serving plate; spread with half of the apricot preserves. Top with a second layer; spread with 1/2 cup frosting. Top with a third layer; spread with remaining apricot preserves. Top with the remaining layer. Frost top and sides of cake with remaining frosting.