Preheat the oven to 325 degrees. Spray a bundt pan with cooking spray or lightly butter and flour.

In the bowl of a stand mixer, combine the butter and sugar and beat on medium speed until light and fluffy. Add in the applesauce and mix until combined. (If using eggs, add in one at a time until fully combined).

With the mixer running on low speed, add in the flour ½ cup at a time. When all of the flour is incorporated, add in the lemon extract and lemon-lime soda.

Fold ¾ of the cherries in by hand using a silicone spatula. Pour the cake batter into the prepared bundt pan.

Bake for 1 ½ hours or until a toothpick inserted in the center comes out clean.

Let the cake cool in the bundt pan for 10 minutes, then poke holes into the cake with a toothpick or wooden skewer. Pour the reserved cherry juice over the cake, allowing it to soak in.

Invert the cake on a wire rack and let cool completely.

Prepare the glaze by whisking together the powdered sugar, lemon extract and water (or milk) until a thick, but pourable glaze is formed.

Line a baking sheet with foil.

When the cake has cooled completely, place the cake and wire rack on top of the prepared baking sheet and drizzle the glaze on top. Place remaining cherries on top.

Let rest for 10-20 minutes or until the glaze has hardened. Transfer the cake to a serving plate and cut into slices.