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Solve the following problem using Python, implementing the functions described below, one line at a time
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Description:
 def extract_formats(config_handle):
 """Get application formats. See :class:`gogoutils.Formats` for available options. Args: config_handle (configparser.ConfigParser):
 Instance of configurations. Returns: dict: Formats in ``{$format_type: $format_pattern}``. """

    configurations = dict(config_handle)
    formats = dict(configurations.get('formats', {}))
    return formats