Preheat the oven to 325 degrees Fahrenheit. Grease and flour a 10-inch fluted tube (Bundt) pan.
In a large mixing bowl, beat the softened butter, cream cheese, and granulated sugar until light and fluffy, about 5 to 7 minutes.
Add the eggs one at a time, beating well after each addition.
Mix in the vanilla extract and lemon extract until fully incorporated.
In a separate bowl, whisk together the all-purpose flour, baking powder, and salt.
Gradually add the dry ingredients to the butter mixture, mixing on low speed just until combined. Avoid overmixing.
Pour the batter evenly into the prepared pan and smooth the top with a spatula.
Bake for 1 hour 15 minutes to 1 hour 30 minutes, or until a toothpick inserted into the center comes out clean.
Allow the cake to cool in the pan for 10 minutes.
Carefully invert the cake onto a wire rack and cool completely before serving.
If desired, dust with confectioners' sugar and serve with fresh strawberries and whipped cream.