Preheat oven to 300°. Beat butter at medium speed with a heavy-duty electric stand mixer until creamy. Gradually add sugar, beating 3 to 5 minutes or until light and fluffy. Add eggs, 1 at a time, beating just until yellow disappears.
Add flour to butter mixture alternately with milk, beginning and ending with flour. Beat at low speed just until blended after each addition. Stir in extracts. Pour into a lightly greased and floured 9-inch round cake pan.
Bake at 300° for 50 to 60 minutes or until a wooden pick inserted in center comes out clean. Cool in pan on a wire rack 10 minutes. Remove from pan to wire rack; cool completely (about 1 hour).