3/4 cup margarine
1/2 cup white sugar
1 (1 ounce) can sliced peaches, divided
2 tablespoons lemon juice
1 teaspoon vanilla extract
1 cup all-purpose flour
1 teaspoon baking soda
1 teaspoon salt
1 egg, beaten
Preheat oven to 350 degrees F (175 degrees C). Grease and flour an 8x8 inch pan.
In a medium bowl, cream together margarine, sugar, peaches, lemon juice, 2 tablespoons lemon juice and 1 cup flour. Mix together and stir in the egg and vanilla extract.
Pour batter into 8x8 inch pan. Spread peaches evenly over the top of the batter. Place peaches on an ungreased cookie sheet.
Bake for 15 to 18 minutes or until center of the cake springs back when tapped. Cool cake completely before removing from pan. Cover loosely and chill at least 2 hours.