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Preheat the oven to 375˚F and place a rack in the middle.
Place both chocolates in a microwave-safe bowl and microwave on high for 20 seconds at a time, stirring the chocolate in between, until melted. Be careful not to over-microwave the chocolate. One melted and smooth, set aside to cool to room temperature.
Meanwhile, cream the sugar, butter, egg and vanilla in the bowl of a stand mixer on high until light and fluffy, about 3 minutes. Add the flour and baking powder and mix until the dough comes together.
Remove half of the dough and place in a separate bowl. Stir in the melted and cooled chocolate until smooth and incorporated.
To assemble the bears, line 2 rimmed baking sheets with parchment paper. Scoop a 1-inch ball of either dough and flatten slightly on a prepared baking sheet for the body of a teddy bear. Scoop a 1-inch ball of the opposite color dough and cut into quarters for the arms and legs. Pinch and roll each quarter to form small logs for arms and legs and pinch them onto the body. For the head, scoop a ½-inch ball of the same color dough as the arms and legs, then flatten and pinch onto the body. Make tiny balls (about the size of a small raisin) out of the same color dough as the body to form the eyes, ears and nose. Repeat with the remaining dough to shape about 24 teddy bears.
Bake until the edges are set, 8 to 10 minutes. Let stand on the baking sheet for 2 minutes before removing to a wire rack to cool.