Preheat oven to 350 degrees Fahrenheit. Spray pans with baking spray.

In the bowl of a stand mixer fitted with the paddle attachment, or in a large bowl with a hand mixer, beat margarine and sugars on high speed until light and fluffy, about three minutes.

Reduce mixer speed to medium; add eggs and vanilla, beating until combined, scraping down the sides of the bowl as needed. Reduce speed to low. Combine the flour, baking soda, salt, and baking powder, then add mixture in two batches, alternating with milk, and beat just until combined.

Transfer batter to a piping bag or a resealable plastic bag and snip a half-inch hole in one corner of bag. Divide mixture evenly between prepared pans. Bang pans several times on counter to release air bubbles.

Bake until tops of donuts spring back when lightly pressed, 15 minutes. Let cool 20 minutes, then transfer to a wire rack to cool before decorating.