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Preheat oven to 350°.
Butter and flour one 9-inch cake pan, then line the pan with parchment paper. Spray and flour the parchment paper, shaking out the excess flour.
In a large measuring cup, add the buttermilk, eggs, egg yolk, vanilla and almond extracts and beat with a fork until blended. Set aside.
Sift the cake flour, baking soda, baking powder, salt, and sugar into a large bowl and blend on low using a hand mixer for about 30 seconds.
With the mixer running on low, add the butter, one piece at a time. Pour in the vegetable oil. Mix until the flour and butter clump together and appear pebbly, about 30 seconds after the vegetable oil has been added.
Pour in a little more than half of the buttermilk-egg mixture and mix on the lowest speed until blended, about 10 seconds. Increase the speed to medium-high and mix until starting to appear light and fluffy, about 1 minute. Without turning off the mixer, add the remaining buttermilk mixture in a slow stream.
Stop the mixer and scrape the sides and bottom of the bowl, then beat at medium-high speed for about 15 seconds until well-mixed.
Pour batter evenly into the prepared cake pan and bake until golden brown, 20-25 minutes.
Cool pan on a wire rack for 10 minutes, then run a knife around the edges to loosen. Invert the cake onto a plate, peel off the parchment, then invert back onto the wire rack. Allow to cool completely before frosting.