Although I've come close, I've never had a better doughnut than Grandma Fern's homemade doughnuts.
In a very large bowl, place the following and let it dissolve:
12 oz evaporated milk (preferably PET) 12 oz warm water 2 packages dry yeast
Once the yeast has dissolved, add the following:
2 teaspoons salt 1 cup sugar 3 eggs lightly beaten 1 cup oil 8 cups flour
Mix everything well. Cover it with a damp cloth and let rise for 3.5 to 4 hours.
Put ⅓ of the dough on a bread board. Roll quite thin. Using a doughnut cutter, cut out the doughnuts and place them on an olied cookie sheet. Let rise 25-30 minutes.
Heat 3 inches of oil in a skillet. Drop the doughnuts in a few at a time. Don't crowd the doughnuts. Turn them only once using the handle of a wooden spoon. Let the doughnuts dry by hanging vertically from a wooden spoon.
For the glaze, mix the following in a mixer until smooth:
1 package (500 grams) powdered sugar ½ cup water 1 teaspoon vanilla
Dip the top side of each doughnut in the glaze. Return the dougnut to the wooden spoon to drip and dry.