How to Make It
To prepare the donuts, preheat oven to 375°F. Coat 2 (12-cavity) donut pans with cooking spray, and set pans aside.
Weigh or lightly spoon flours into dry measuring cups; level with a knife. Combine flours, granulated sugar, baking powder, salt, and baking soda in a large bowl, stirring with a whisk. Combine buttermilk, oil, 1/4 cup water, vanilla, 1 teaspoon almond extract, and egg in a medium bowl, stirring with a whisk. Add buttermilk mixture to flour mixture; stir to combine. Fill a piping bag or ziplock bag with batter; if using a ziplock bag, snip a hole in bottom corner. Pipe batter into pans, filling each cavity halfway. (This could get a little messy.)
Bake at 375°F for 12 minutes or until a wooden pick inserted into a donut comes out clean. Cool in pan for 5 minutes. Remove donuts from pan; cool completely on a wire rack.
To prepare glaze, combine powdered sugar, cream, and 1/4 teaspoon almond extract, stirring with a whisk until smooth (add a little water if glaze is too thick). Dip donuts halfway into glaze to coat tops; turn over, and dry on wire rack.
To prepare decorations, knead a few drops of food coloring into marzipan; cut into shapes with small cookie cutters, and place on donuts.