To make the cake:
Preheat your oven to 325 degrees.
Combine the flour, baking powder, and salt and sit to the side. Then, using a hand or stand mixer, mix the butter and shortening together until combined.
Then slowly add in the sugar. Mix on medium speed until light and fluffy (approximately 5 minutes).
Mix in the vanilla, butter, rum, coconut, and lemon flavoring.
Add the eggs to the bowl one at a time, mixing until combined after each addition.
Mix in the flour 1 c at a time, alternating with the milk, beginning and ending with the flour.
Spray a 12-cup bundt pan with baking spray. Pour the batter into the pan and spread it evenly.
Bake the pound cake for about an hour and 15 minutes. The cake is done once a toothpick inserted in the center of the cake comes out clean.
Remove the cake from the oven and allow it to cool for 10-15 minutes before removing it from the pan.
To make the glaze:
Add the powdered sugar, extracts, and milk to a bowl and blend together until smooth using a stand or hand mixer.
Pour the glaze over the cake as desired. Allow the glaze to set, then serve and enjoy!