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.
For the Frosting:
In your stand mixer, add butter and salt at medium low speed.
Next turn the mixer down to low and slowly add confectioner’s sugar in small portions until all is added then turn the speed to medium high to combine.
Add lemonade and lemon extract and mix until nice and fluffy. Add in food coloring at this point if desired.
Feel free to play around with flavors by using different lemonade concentrates in this recipe!