Preheat your oven to 350°F (175°C). Grease an 8x8-inch square baking pan and line it with parchment paper, creating a folded foil divider down the middle to separate the pan into two equal 8x4-inch rectangles.

In a large bowl, use an electric mixer to beat the softened butter and granulated sugar together until pale and fluffy, about 3 minutes. Add the eggs one at a time, beating well after each addition.

Stir in the almond and vanilla extracts. Gently fold in the all-purpose flour and baking powder using a spatula until just combined, being careful not to overmix the batter.

Divide the batter evenly into two separate bowls. Add the pink food coloring to one bowl and gently mix until an even, light pink color is achieved, leaving the other bowl plain yellow.

Spoon the pink batter into one side of the prepared pan and the yellow batter into the other side. Bake for 25 to 30 minutes, or until a toothpick inserted into the center of both cakes comes out clean.

Allow the cakes to cool in the pan for 10 minutes before transferring them to a wire rack to cool completely. Once cooled, trim the crusts off the edges and cut each cake into two long, equal-sized strips, giving you two pink and two yellow rectangular blocks.

In a small saucepan or microwave, gently warm the apricot jam until runny, then strain it through a sieve to remove any fruit chunks. Use a pastry brush to coat the sides of the cake strips with the warm jam, pressing them together to form a checkerboard pattern.

Lightly dust a clean surface with powdered sugar and roll out the marzipan into a rectangle large enough to wrap around the entire assembled cake. Brush the remaining jam over the outside of the cake, wrap the marzipan tightly around it, press the seam on the bottom, and trim the ends neatly before serving.