Cherry Layer Cake with Cherry Cream Cheese Frosting

For the Cake:
3 cups sifted cake flour
2½ teaspoons baking powder
1 teaspoon salt
⅓ cup unsalted butter, room temperature
⅓ cup vegetable shortening
1½ cups sugar
¼ cup maraschino cherry juice
¾ cup whole milk
¼ tsp almond extract
16 maraschino cherries, cut into eighths
5 egg whites, room temperature, stiffly beaten
For the Frosting:
8 oz (1 block) cream cheese, room temperature
¾ cup (1½ sticks) unsalted butter, room temperature
¼ cup maraschino cherry juice
6 cups confectionary sugar