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Two rings are hard to see because they're far in the distance, but trial and error will get you there eventually. There are five rings in total, so you have to get five center coins. You HAVE to get the coin in the middle of the ring. Now, there is a cannon on the floating island, and you have to shoot Yoshi (or whoever you have) at these coin rings. When you fire him into the tree he will grab it. The easiest way is the cannon almost at the top of the mountain where you fought the bomb king, you can point it a little above the tree in the floating island.
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Then you have to get up to the floating island. What you need to do is talk to the pink bombs to get them to activate the cannons. You can do it with Yoshi if you haven't unlocked mario.
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