Prepare cake layers: Preheat oven to 350 degrees F. Grease two 8-inch round cake pans; dust pans with flour. On waxed paper, combine flour, baking powder, and salt; set aside. In 1-cup glass measuring cup, mix milk and vanilla and almond extracts; set aside.
In large bowl, with mixer at low speed, beat margarine or butter with 1/2 cup sugar until blended. Increase speed to high; beat until creamy, about 2 minutes. Reduce speed to medium-low; add egg yolks, 1 at a time, beating well after each addition. At low speed, alternately add flour mixture and milk mixture, beginning and ending with flour mixture; beat until batter is smooth, occasionally scraping bowl with rubber spatula (batter will be very thick). Spoon batter into pans and spread evenly; set aside.
To prepare meringue topping, in another large bowl, with clean beaters and mixer at high speed, beat egg whites until soft peaks form. Sprinkle in remaining 3/4 cup sugar, 2 tablespoons at a time, beating well after each addition until whites stand in stiff peaks.
Spread meringue over cake batter in pans, making sure that meringue is in uneven peaks and touches edge of cake pans all around. Sprinkle almond slices over meringue. Bake 20 minutes or until meringue is golden and toothpick inserted in center of cake comes out clean. Cool layers in pans on wire racks 10 minutes. Run small knife around edges of pans to loosen meringue and cake; invert gently onto racks (some almond slices may fall off; reserve to sprinkle on top later). Immediately invert layers, meringue side up; cool completely on racks.
Meanwhile, prepare berries and cream: In 2-quart saucepan, heat cranberries, frozen strawberries, sugar, and 1/4 cup water to boiling over medium-high heat, stirring frequently. Reduce heat to medium-low and simmer 10 minutes, stirring frequently, until most cranberries pop, strawberries soften, and mixture thickens. Remove saucepan from heat; stir in almond extract. Transfer berry mixture to shallow bowl; cover and refrigerate 1 hour or until chilled. Makes about 1 1/2 cups.
Just before serving, in medium bowl, with mixer at high speed, beat cream until stiff peaks form.
To assemble torte: Place 1 layer, meringue side up, on serving plate. Spread 1 1/4 cups berry mixture 1/4 inch from edge of cake; dollop 1/2 cup whipped cream over filling. Top with second layer, meringue side up. Spread remaining whipped cream on top of torte. Spoon remaining 1/4 cup berry mixture in center of whipped cream; sprinkle with reserved almond slices.
