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In a large bowl, combine butter and spread; beat with an electric mixer on medium to high speed for 30 seconds. Add sugar, baking powder and salt; beat until well mixed, scraping side of bowl occasionally. Beat in egg, vanilla and almond (or mint) extract until combined. Beat in as much of the all-purpose flour and whole wheat flour as you can with the mixer. Using a wooden spoon, stir in any remaining flour.
Remove half of the dough from the bowl (about 1 cup); wrap in plastic wrap and set aside. Knead enough food coloring into remaining dough in bowl to tint it red. Wrap in plastic wrap. Chill both portions of the dough for 30 to 60 minutes or until easy to handle.
Preheat oven to 375°F. On a lightly floured surface, shape each half of the dough into a 12-inch-long log. Cut each log crosswise into twenty-four 1/2-inch-thick slices. Roll each slice into a 6-inch-long rope. Place a red and a white rope side by side and twist together five or six times. Shape the twisted rope into a wreath shape, gently pinching where ends meet. (Or if desired, place twisted rope on an ungreased baking sheet, bending over one end to form a candy cane shape. Omit almonds if making candy cane shapes.) Repeat with remaining ropes. Place shapes 2 inches apart on ungreased baking sheets. If making wreaths, place two almond slices over the pinched spot.
Bake for 7 to 9 minutes or until cookies are firm and starting to appear cracked on top. Cool on pans for 1 minute. Transfer to wire racks; cool.