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Preheat oven to 350 degrees and grease two 8” or 9” circular cake pans.
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With a standing or hand mixer, whip egg whites until they reach stiff peaks. Set aside.
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Cream butter with a standing or hand mixer until light and fluffy, about 1-2 minutes. Add in oil and granulated sugar and beat for another 1-2 minutes (this really creates a light texture). Set aside.
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Sift flour, cornstarch, salt and baking powder together.
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Alternately add flour mixture and milk to the butter mixture, beginning and ending with the flour mixture. Mix until just combined.
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Add in vanilla extract, almond extract and sprinkles and stir until just combined.
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Fold egg whites into the cake batter, gently mixing until the whites are combined.
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Divide batter evenly between the two cake pans and spread in an even layer.
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Bake for 20-22 minutes, or until a cake tester comes out clean. Allow to cool.