Preheat oven to 350 degrees F (175 degrees C).
Beat white sugar, butter, and shortening together in a bowl using an electric mixer until creamy. Mix in almond extract. Add flour in batches, kneading the dough to thoroughly combine.
Roll dough into walnut-size balls and place 2 inches apart onto baking sheets. Make a well in each cookie with a wooden spoon handle. Sprinkle colored sugar, sprinkles, and guava paste into the wells.
Bake in the preheated oven until lightly golden, 16 to 20 minutes.
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