Grease and flour a 12-cup Bundt cake pan. Preheat oven to 325 degrees.
In a large bowl with a hand mixer at low, beat all ingredients except preserves and lemon juice for about 30 seconds. Scrape bowl frequently.
Turn mixer to high and beat for about 2 minutes. Pour into pan.
Bake at 325 degrees for about 1 hour and 20 minutes, or until a wooden toothpick comes out clean when inserted in the center. Cool on a rack for 20 minutes, then remove from pan. Cool thoroughly.
In a saucepan over medium heat, combine preserves and lemon juice. Cook, stirring occasionally, until preserves have melted. Cool to lukewarm. Spoon half of the preserves mixture over the cake. Serve with remaining preserves and top with whipped cream, if desired.