Preheat oven to 300 degrees and spray a 9X5-inch bread pan with cooking spray with flour.
In a mixing bowl beat butter and sugar on medium-high speed with an electric mixer until light and fluffy.
Add eggs one at a time, stopping to scrape down the sides of the bowl several times.
In a medium bowl, combine flour, baking powder, baking soda, and salt.
With the mixer on medium-low speed add 1/3 of the flour mixture to the mixing bowl.
Once flour is mixed in add 1/2 of the cola, followed by another 1/3 of flour mixture.
Add in remaining cola and then remaining flour. Once batter is an even consistency, turn mixer off and stir in almond extract.
Toss cherries with 2 tablespoons of flour and stir into batter.
Pour batter into prepared pan . Top with almonds and bake for approximately 1 hour and 15 minutes, or until a wooden toothpick inserted into bread comes out clean.
Let cool in pan 10 minutes and remove from pan to cool completely.
Whisk together cherry juice, 1 tablespoon cola, and powdered sugar. Spoon over bread.