This is a moist pound cake that can be made ahead of time and frozen. Right out of the oven it is delicious, but the best way to enjoy it is toasted. When baked in a loaf pan it makes a perfect hostess gift, especially if festively wrapped.
Cream butter and shortening, gradually add sugar, beating until light and fluffy.
Add eggs one at a time, beating well after each addition.
Combine flour and baking powder, add to creamed mixture alternately with milk, mixing well after each addition.
Stir in vanilla and lemon extracts. Mix well.
Pour batter into a greased and floured large loaf pan or divide batter between two or more loaf pans to make multiple cakes. Bake in a 350 degree oven for 1 hour and 15 minutes. This time will vary depending on the size loaf pan used. If pouring batter into mini pans adjust time to 20 minutes. Check for doneness with a toothpick. Do not over bake.
My family likes the cake very moist, so I take it out of the oven as soon as the top is golden and the toothpick no longer has batter on it, but comes out with a few moist crumbs. If I wait until the toothpick comes out clean, I have found the cake can become too dry.
Cool in pan 10-15 minutes, then remove from pan completely and let cool on rack.