1.Preheat the oven to 325 degrees. Grease a 9-inch cake pan with cooking spray.
2.In the bowl of a food processor, grind the sugar, almond paste and 1/4 cup of flour until the almond paste is finely ground and the mixture resembles sand.
3.In a small bowl, whisk together the remaining 3/4 cup of flour, baking powder, and salt.
4.Once the almond paste is completely broken up, add the cubes of butter and the vanilla and almond extracts, then process until the batter is very smooth and fluffy.
5.Add the eggs one at a time, processing a bit before the next addition. After you add all the eggs, the mixture may look curdled. Don't worry; it'll come back together after the next step.
6.Add half the flour mixture and pulse the machine a few times, then add the rest, pulsing the machine until the dry ingredients are just incorporated, but do not overmix.
7.Scrape the batter into the prepared cake pan and bake the cake for 55-60 minutes, or until the top is deep brown and a toothpick inserted comes out clean.
8.To remove the cake from the pan, run a knife around the perimeter, loosening the cake from the sides of the pan. Let the cake cool completely on a wire rack.
9.Once cooled, dust with powdered sugar on top.