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 butter until smooth and silky.
In a small bowl, combine lemon zest and 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 (flour, baking soda, baking powder, salt) together in a medium bowl. Combine milk, lemon juice, and extracts in a separate container.
Add about 1/3 of flour mixture to butter mixture; blend. Add about 1/3 of milk mixture and mix until nearly incorporated. Continue alternating dry ingredients and milk until everything is just blended.
Fold in 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.