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Applesauce Nut Bread

From
1 cup sugar
1 cup applesauce
1/3 cup vegetable oil
2 eggs
3 Tbs milk
2 cup flour
1 tsp baking soda
1/2 tsp baking powder
1/2 tsp cinnamon
1/4 tsp nutmeg
1 cup chopped nuts

Combine first 5 ingredients in mixing bowl and beat with eletric mixer for 1 minute. Combine remaining ingredients except nuts and add to applesauce mixture beating until smooth. Stir in nuts. Spoon into greased loaf pan and bake at 350 degrees 40-45 min allow to cool in pan on rack for 10-15 minutes, remove from pan and continue to cool on rack.