Cake: Cream together the butter, shortening, and sugar in large mixing bowl until light and fluffy. Add eggs and beat until smooth. In small bowl, combine flour and baking powder; mix well and set aside. Combine milk and extracts. Add flour mixture to creamed mixture alternately with milk mixture, beginning and ending with flour mixture. Spoon mixture into a greased 10-inch/25-cm tube (angel food cake) pan. Bake at 325°F/165ºC for 1-1/2 to 1-3/4 hours or until cake tests done. Cool in pan on wire rack for 10 minutes. Turn cake out of pan onto wire rack, invert again. Place waxed paper under rack to catch glaze drippings. Slowly spoon glaze onto top of hot cake and let glaze drizzle down sides of cake. Let cool completely.
Glaze: Combine all ingredients in heavy saucepan. Bring to a boil over medium heat, stirring until sugar is dissolved.
Makes 12 servings.