Preheat oven to 350 degrees F (175 degrees C). Grease and flour a fluted tube pan.
Whisk flour, baking powder, baking soda, and salt together in a large bowl.
Beat sugar and margarine together in a bowl until creamy. Add sour cream, eggs, and 1 teaspoon almond extract to sugar mixture; beat until smooth. Pour sugar mixture into flour mixture and mix to form a smooth batter. Pour 1/3 the batter into the prepared pan.
Pour cranberry sauce into a bowl and stir. Spread 1/2 sauce over batter in the prepared pan. Pour 1/3 the batter over cranberry sauce, and spread second 1/2 cranberry sauce over the batter. Top with remaining 1/3 cake batter.
Bake in the preheated oven until golden and cooked through, about 40 minutes.
Whisk confectioners' sugar and 1 tablespoon almond extract together in a bowl until smooth, adding enough water for icing to reach a drizzling consistency. Drizzle icing over cake.
All done! Now take a photo, rate it, and share your accomplishments!