Nothing says spring like the refreshing taste of fresh lemon.
Preheat oven to 325°. Beat the butter and shortening at medium speed with a heavy-duty electric stand mixer until creamy. Gradually add the sugar and continue to beat at medium speed until light and fluffy. Add eggs, 1 at a time, beating just until the yellow disappears.
Sift together flour and next 2 ingredients; add to the butter mixture from step 1 alternately with milk, beginning and ending with flour mixture. Beat at low speed until just blended after each addition. Stir in the lemon zest and both extracts.
Pour the batter into a greased and floured 10-inch tube pan.
Bake that sucker at 325° for 1 hour and 15 minutes to 1 hour and 30 minutes or until you can stick a wooden pick into it and pull it out clean. Cool cake in pan on wire rack 15 minutes.
Remove cake from pan to wire rack and gently brush warm glaze over top and sides of cake. Cool completely on a wire rack (about 1 hour). Garnish, if desired, with lemon slices and cranberries.