1-1/2 cups unsalted butter, softened
3 cups sugar
5 large eggs
3 cups all-purpose soft-wheat flour (White Lily) *I used cake flour
1 tsp baking powder
1/4 tsp salt
1 (5-oz) can evaporated milk
2/3 cup heavy cream
2 Tbsp vanilla extract
1 tsp almond extract
Preheat oven to 350 degrees. Grease and flour a 10-inch tube pan. Set aside.
Place butter in the bowl of a stand mixer and beat at medium speed for 6 minutes, until really light and fluffy. Gradually add sugar and beat for an additional minute. Add eggs, one at a time, beating just until the yolk disappears.
Combine flour, baking powder and salt. Combine evaporated milk and heavy cream. Add flour mixture and cream mixture to butter mixture alternately beginning and ending with flour (1/3 flour mixture, 1/2 cream mixture, 1/3 flour mixture, 1/2 cream mixture, 1/3 flour mixture). Beat at slow speed after each addition. Stir in vanilla and almond extract. Pour batter into prepared pan.
Bake for 60 to 75 minutes or until a long wooden pick inserted in center comes out clean. Cool in pan on a wire rack for 1 hour. Remove from pan and continue cooling on wire rack until completely cool.