Combine strawberries and 1/4 cup sugar; cover and refrigerate 2 to 3 hours, stirring occasionally.
Coat a 9-inch round cake pan with vegetable cooking spray; dust with flour, and set prepared pan aside.
Beat margarine at medium speed with an electric mixer until soft; gradually add 1/3 cup sugar, beating well. Add egg yolk, beating just until blended. Combine flour, baking powder, and salt in a small bowl; add dry ingredients to creamed mixture alternating with milk, beginning and ending with flour mixture. Mix after each addition. Stir in vanilla.
Beat egg whites until foamy. Gradually add 2 Tablespoons sugar, one at a time, beating until stiff peaks form. Stir about 1/2 cup beaten egg whites into batter; fold in remaining egg whites. Spoon batter into prepared pan. Bake at 350 for 30 minutes or until a toothpick inserted in center comes out clean. Let cool in pan on a wire rack 10 min. Remove cake from pan; let cool completely on a wire rack.
Slice shortcake in half horizontally. Place bottom half, cut side up, on a serving plate. Drain strawberries, reserving juice, and drizzle half of juice over bottom layer. Spread 3/4 cup whipped topping over cake layer, and arrange half of strawberries over topping. Top with remaining cake layer, cut side down, and repeat procedure.
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