For the Cake:

1. Preheat the oven to 350°F (175°C). Grease and flour two 9-inch round cake pans or line them with parchment paper.
2. In a bowl, whisk together flour, baking powder, and salt. Set aside.
3. In a large mixing bowl, beat butter and sugar together until light and fluffy.
4. Add the egg whites, one at a time, mixing well after each addition.
5. In a measuring cup, combine the milk and maraschino cherry juice.
6. Alternately add the dry ingredients and milk mixture to the butter mixture, beginning and ending with the dry ingredients. Mix until just combined.
7. Stir in the vanilla extract, almond extract, chopped cherries, and mini chocolate chips.
8. Divide the batter evenly between the prepared cake pans and smooth the tops.
9. Bake for 28–32 minutes, or until a toothpick inserted in the center comes out clean.
10. Let the cakes cool in the pans for 10 minutes, then transfer them to a wire rack to cool completely.

For the Cherry Frosting:

1. In a large bowl, beat the butter until creamy.
2. Gradually add powdered sugar, beating until smooth.
3. Mix in maraschino cherry juice, vanilla extract, almond extract, and salt.
4. Beat until light and fluffy. If the frosting is too thin, add more powdered sugar; if too thick, add a little more cherry juice.

Assembly:

1. Place one cake layer on a serving plate and spread a layer of cherry frosting on top.
2. Add the second cake layer and frost the top and sides of the cake evenly.
3. Garnish with additional chopped cherries or chocolate chips, if desired.
4. Slice and enjoy!