Place margarine and cream cheese in large mixing bowl. Cream together on medium high speed. Gradually add sugar and cream until light and fluffy. Add egg yolk, vanilla extract, lemon extract, and lemon peel, mix well.
In a small bowl stir flour and baking powder together until well blended. Gradually add flour and salt to mixture. Dough will be stiff.
Assemble and fill cookie press with dough; use desired disc. Press cookies on ungreased baking sheet.
Bake for 12-15 minutes or until slightly brown around edges.
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