Cranberry Bread

1/4 cup butter or margarine, softened
1 cup sugar
2 eggs
1 cup chopped cranberries
1/2 cup water
1/2 teaspoon vanilla
1-3/4 cups flour
1/2 teaspoon baking soda
1-1/2 teaspoons baking powder
1 teaspoon salt
1/2 teaspoon cinnamon
1/2 cup chopped walnuts

Grease and flour a loaf pan. Cream the butter (or margarine) and sugar together in a large mixing bowl. Beat in the eggs with an electric mixer. Stir in the cranberries, water, and vanilla. Sift the flour, baking soda, baking powder, salt, and cinnamon together and stir in with the batter. Add the chopped walnuts to the mixture and pour in the loaf pan. Bake at 350 degrees for 55 minutes. Test with a toothpick.