Filter>Distort>polar coordinates>polar to rectangular
step 2 of 3
Rotate the image 180deg, then filters>distort>rectangular to polar
step 3 of 3
Use the burn and dodge tools to bring out the doughnut shape, add a blue gradient backdrop and a shadow and if some parts look off, I cloned over it with another area to add depth or anything else I thought made it look good :-)