Allow butter, eggs, and egg yolks to stand at room temperature for 30 minutes. Meanwhile, coat a 10-inch fluted tube pan with spray for baking; set aside. In a small bowl stir together flour, baking powder, and salt.
Preheat oven to 325°F. In a large mixing bowl beat butter with an electric mixer on medium to high speed for 30 seconds. Gradually add granulated sugar and brown sugar, beating 4 to 5 minutes or until light and fluffy. Add eggs and egg yolks; beat for 1 minute. Alternately add flour mixture and milk to butter mixture, beating on low speed after each addition just until combined. Remove 2 cups of the batter to a small bowl. Remove 2 cups of the batter to a second bowl. Tint batter in one bowl red and batter in one bowl blue. Leave remaining batter plain. Spoon mounds of each color into prepared pan, alternating colors.
Bake about 50 minutes or until a wooden toothpick inserted near the center comes out clean. Cool cake in pan on a wire rack for 10 minutes. Remove cake from pan; cool completely on wire rack.
Drizzle Cream Cheese Icing over cooled cake. Top with sprinkles
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16 g fat
(9 g saturated fat,
1 g polyunsaturated fat,
4 g monounsaturated fat),
95 mg cholesterol,
296 mg sodium,
38 g carbohydrates,
0 g fiber,
24 g sugar,
4 g protein.
Cream Cheese Icing Drizzle
In a medium bowl beat cream cheese and butter with a mixer on medium until smooth. Beat in powdered sugar and enough milk to make drizzling consistency. Makes about 3/4 cup.