Step 1

Preheat the oven to 350°F. Line 2 8-inch round pans with parchment paper and grease the sides with cooking spray. Set aside.

Step 2

In a stand mixer fitted with the whisk attachment, beat the butter and oil on low speed until combined so the oil doesn’t fly everywhere. Gradually increase the speed to medium-high and beat until smooth, about 2 minutes.

Step 3

With the mixer running, slowly pour in the granulated sugar and continue to beat on medium-high speed until the mixture is light, fluffy, and turns a very pale yellow color, about 2 minutes.

Step 4

Use a silicone spatula to scrape down the sides and bottom of the bowl, then add the eggs, vanilla and almond extract. Beat on medium-high speed until the mixture is light and fluffy, about 2 minutes.

Step 5

In a separate mixing bowl, whisk together the flour, baking powder, and salt. With the mixer on low speed, alternate adding in the dry ingredients and the buttermilk in 3 additions (you’ll add half the dry, then all of the wet, then the other half of the dry). It’s okay if the batter still has a few lumps in it–you don’t want to overmix. Last, add the sprinkles and fold to evenly distribute.

Step 6

Divide the cake batter evenly between your prepared pans, using the spatula to spread the batter into a flat, even layer. Bake until the cake has risen, the top springs back to the touch, and a butter knife inserted in the center of the cake comes out clean, 30 to 40 minutes.

Step 7

Place the cakes on a cooling rack and allow them to cool slightly. To remove from the pan, drag a butter knife around the edge of the cake, then carefully flip the cakes out onto a cutting board, peel away the parchment paper, and re-invert it, right-side up onto a cooling rack to cool completely.

Step 8

In a stand mixer, beat the softened butter and powdered sugar together until fluffy, about 2 minutes. Add in the vanilla, salt and a tablespoon of milk one at a time. If the frosting seems to be getting too runny, stop adding milk. Beat for 3 minutes, or until light and fluffy

Step 9

Place the first cake on a cake stand, then top with about 1/3 of the frosting, spreading it into an even layer all the way to the edge. Top with the second cake layer and frost the top and sides of the cake with the remaining frosting. Enjoy!