Preheat oven to 350 degrees.
In a large mixing bowl cream together butter, shortening, and sugar using an electric mixer fitted with a paddle attachment. Cream until mixture is light and fluffy, stopping the mixer to scrape the sides down several times.
Add eggs one at a time and beat well.
Alternate flour and Cheerwine and mix until incorporated.
On low-speed add extracts, salt, and food coloring.
Grease a bundt pan very well and add batter to pan.
Bake approximately 1 hour 10 minutes or until toothpick inserted into the cake comes out clean.
Let cool thoroughly before trying to remove from pan.