Preheat the oven to 350°F (175°C). Grease and flour two 9-inch heart-shaped pans.
In a large bowl, combine the flour, sugar, baking powder, and salt. Whisk them together well.
Add the shortening to the dry mixture. In another bowl, mix the milk, cherry juice, vanilla, and almond extract. Combine this liquid with the dry mixture and beat with an electric mixer for 2 minutes.
Add egg whites and beat for another 2 minutes until the batter is smooth.
Gently fold in the chopped maraschino cherries.
Pour the batter evenly into the prepared pans. Bake for 25-30 minutes. Use a toothpick to check if it is done; it should come out clean.
To make the Buttercream Frosting: Beat the powdered sugar, butter, cherry juice, and almond extract until light and fluffy. You can add more cherry juice or milk if needed to adjust the consistency.
For the 7-Minute Frosting (if you prefer): Combine the sugar, salt, cream of tartar, egg whites, and water in a pot. Beat with an electric mixer over low heat for 7 minutes until fluffy. Remove it from the heat, add vanilla and food coloring, and mix until smooth.
Allow the cakes to cool completely before frosting. Once cool, spread the frosting evenly on each layer and decorate with cherries.