Preheat oven to 325º. Grease a 10" tube pan.
In a mixing bowl, cream margarine, shortening and sugar until light and fluffy.
Add well beaten eggs; mix until batter turns a lemon color.
In a separate bowl, combine flour and baking powder; set aside.
Alternating dry and wet ingredients, add flour mixture and milk to creamed batter.
Stir in flavorings; mixing well.
Spoon batter into a greased 10" tube pan.
Bake in 325º oven for approximately 1-1/2 hours or until cake tests done.
Remove from oven.
While cake is still in the tube pan, pour glaze over hot cake.
Let cake cool in tube pan for 10 minutes before turning out to cool on plate or cake rack.
In a heavy sauce pan, combine sugar, water and all flavorings; bring to a boil; stir until sugar is melted.
Pour over hot baked cake while cake is still in the tube pan.
Let cake set in pan for 10 minutes before removing to plate or cake rack.