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In a medium bowl, mix together the dry ingredients. Set aside.
In the bowl of a stand mixer, combine the brown sugar and butter. Mix until light and fluffy, about 2-3 minutes. Add the eggs one at a time, beating after each addition. Mix in the lemon juice and molasses. Mix well to combine, scraping down the sides and bottom of the bowl as needed.
Add the flour mixture in three additions alternately with the water starting and ending with the flour. Mix until just smooth. Pour the batter into the prepared pan.
Bake until a toothpick inserted in the center comes out with, at most, a few moist crumbs, 50-55 minutes. Cool in the pan for 10 minutes before turning out onto a wire rack. Cool completely.
For the glaze (optional): Using a hand or stand mixer, beat together the butter and cream cheese*. Add the confectioners’ sugar and mix to combine. Thin the mixture with 1-2 tablespoons of hot water. Microwave the glaze for 15 seconds to make to pourable (but not too hot), then drizzle over the cake.
*Make sure they are both completely softened so the glaze isn’t lumpy.
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