<SYSTEM_TASK:>
Solve the following problem using Python, implementing the functions described below, one line at a time
<END_TASK>
<USER_TASK:>
Description:
 def transaction_status(transaction):
 """Returns a FormattedItem describing the given transaction. :param item: An object capable of having an active transaction """

    if not transaction or not transaction.get('transactionStatus'):
        return blank()

    return FormattedItem(
        transaction['transactionStatus'].get('name'),
        transaction['transactionStatus'].get('friendlyName'))