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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 create_or_update_transcript_preferences(course_id, **preferences):
 """ Creates or updates course-wide transcript preferences Arguments: course_id(str):
 course id Keyword Arguments: preferences(dict):
 keyword arguments """

    transcript_preference, __ = TranscriptPreference.objects.update_or_create(
        course_id=course_id, defaults=preferences
    )
    return TranscriptPreferenceSerializer(transcript_preference).data