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In the bowl of a stand mixer, combine yeast, water, sugar, evaporated milk, salt, shortening, eggs, and vanilla. Begin with 2 cups flour and knead at medium-low speed using a dough hook until well mixed. Gradually add remaining flour until a smooth dough forms. The dough should be moist without sticking to fingers or bowl sides.
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Transfer dough to a lightly greased bowl, cover with plastic wrap or a clean dish towel, and let rise for 1 1/2 hours.
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Roll out the dough on a lightly floured surface to 1/4 to 1/2-inch thickness. Cut out 12 donuts using a drinking glass or round cookie cutter, re-rolling dough as needed. Allow cut donuts to rise for an additional 30 minutes.
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Preheat the air fryer to 350 degrees Fahrenheit. Place 3-4 donuts in the air fryer basket, ensuring they do not touch. Lightly spray donuts with cooking spray and air fry until golden brown, about 4 minutes, flipping halfway through. Perform a test with one donut to ensure proper cooking.
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Transfer cooked donuts to a wire rack with paper towels underneath. Let cool for 1-2 minutes. If using glaze, dip the top of each donut into the glaze and return to the wire rack. If using cinnamon sugar, dip each donut (both sides) in melted butter and then into a bowl of cinnamon sugar mixture and return to the wire rack.
Serving: 1donut | Calories: 245kcal | Carbohydrates: 39g | Protein: 5g | Fat: 8g | Saturated Fat: 3g | Polyunsaturated Fat: 2g | Monounsaturated Fat: 3g | Trans Fat: 1g | Cholesterol: 34mg | Sodium: 137mg | Potassium: 82mg | Fiber: 1g | Sugar: 18g | Vitamin A: 113IU | Vitamin C: 1mg | Calcium: 26mg | Iron: 1mg