Preheat oven to 350 degrees F and grease a 13x9x2-inch baking pan then set aside.
In the bowl of your stand mixer, add flour, sugar, salt and baking powder and mix on low speed to combine.
Next slowly add in butter slices and allow to mix until flour resembles coarse crumbs.
While butter mixes, in a separate bowl, whisk together eggs, pink lemonade, milk, lemon extract and vanilla extract and set aside.
With mixer still on low speed, add egg mixture in three batches allowing liquid to combine into dry ingredients until fully incorporated.
If desired, stir in a few drops of pink or red food coloring to create a fun pink color. Spread batter into prepared pan evenly.
Bake for 30-35 minutes or until cake toothpick inserted into the center comes out mostly clean with a few crumbs. Cool in pan on a wire rack until room temperature. While cooling, prepare the frosting.