Preheat oven to 350° F and grease a 9 x 5-inch loaf pan. Line the bottom and long sides of the pan with parchment paper for easier removal after baking.
Cream the 4 oz butter until smooth and silky.
In a small bowl, combine lemon zest and 1 cup sugar. Stir for a few minutes, until lemon releases its natural oils. The sugar will become sticky and fragrant.
Add lemon sugar to butter and beat until thoroughly mixed.
Add eggs, one at a time, beating until incorporated.
Sift dry ingredients (1 ¾ cup flour, ½ tsp baking soda, ¼ tsp baking powder, ½ tsp salt) together in a medium bowl. Combine ¾ cup milk, 1 tbsp lemon juice, ½ tsp almond and ½ tsp vanilla extract in a separate container.
Add about ⅓ of flour mixture to butter mixture; blend. Add about ½ of milk mixture and mix until nearly incorporated. Continue alternating dry ingredients and milk until everything is just blended.
Fold in 1 ½ cups chopped cranberries.
Pour cake batter into the prepared pan and bake until toothpick inserted in the center of cake comes out clean, about 50-60 minutes.
Allow to cool for about 20 minutes. While still just slightly warm, invert cake onto a cooling rack. Allow to finish cooling completely.