Preheat oven to 350°F and prepare 3 8-inch baking rounds with butter and flour.
In a large bowl, combine milk, egg whites, and extracts. Mix with a fork until ingredients are combined, about 1 minute.
Using a standing mixer* fitted with the paddle attachment, add cake flour, sugar, baking powder and salt to the mixing bowl. Mix on low speed until dry ingredients are thoroughly mixed.
With mixer on low speed, add cubed butter to the dry ingredients a few cubes at a time. Mix on low for 1 to 2 minutes. Texture will resemble coarse sand.
Add most of the milk mixture to the mixing bowl, reserve about 1 cup. Beat on medium speed for 1 full minute. Add remaining wet ingredients and mix on medium speed for an additional 1 minute.
Pour ⅓ of the batter into prepared pan. Return the mixing bowl to the standing mixer and make your lighter colored layer - a light pink color.
Using a toothpick, dip just the tip of the toothpick in each of the Wilton Cake Icings (Peach and Pink) and add to the batter. Beat for 20 seconds and check the color. Cakes will lighten as they bake, add additional color if necessary. If color is correct, mix for an addition 20 seconds until color is thoroughly combined. Pour ⅓ of the batter into prepared baking round.
Repeat Step 7 with remaining ⅓ of batter.
Bake for 27 to 30 minutes at 350°F until a toothpick inserted in the center comes out clean.**
Let cool fully, about 30 minutes, before frosting.