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Using a paddle attachment on your mixer, mix the water and meringue powder and beat until it's foamy, scraping the sides with a spatula if necessary.
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Add your sifted powdered sugar and continue to mix on low.
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Add the corn syrup and extract(s), scraping the sides to make sure everything is incorporated.
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Turn your mixer to medium-high, and continue to beat just until the royal icing is glossy and has stiff peaks. Don't overbeat it! This will ruin your icing. It takes about 2-5 minutes.
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If you want to store or freeze the icing, do it at this stage, while it is very stiff.
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Measure out 1/2 cup of icing each for the pink dye and the yellow dye, and place them in separate bowls. Dye them and really stir to make sure that the colour is evenly distributed.
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Royal icing dries very quickly, so while you're working on one bowl, put plastic wrap on the other bowls directly in contact with the icing all over so that it doesn't harden on top.
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We want 15-second royal icing, so we are going to add water a tablespoon at a time (or with a squirt from the spray bottle), stirring after every addition.
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You will know it's the right consistency when you run your spoon through it and it takes about 15 seconds for the line to disappear. Do this for your white, pink, and yellow icing.