Show the complete solution. Below is a list of domestic output and national income figures for a certain year. All figuresare in billions. The question that follow ask you to determine the major national incomemeasures by both the expenditures and the income approaches. The result you obtain with thedifferent methods should be the same.Personal Consumption ExpendituresNet foreign factor income earned in the U.S.Rents245414Transfer PaymentsConsumption of fixed capital (depreciation)Social Security ContributionInterest122720Proprietors' IncomeNet ExportsDividends13331116Compensation of employeesIndirect Business Taxes22318Undistributed Corporate ProfitsPersonal Taxes2126Corporate Income TaxesCorporate ProfitsGovernment purchases of goods and servicesNet private domestic investmentPersonal saving1956723320Required: Using the above data, determine GDP by both the expenditures and the incomeapproaches. Then determine NDP. Now determine NI. Adjust NI as required to obtain PI.Adjust PI as required to obtain DI.

GDP using the expenditure method takes into account all the possible expenditure incurred in a…

Below is a list of domestic output and national income figures for a certain year. All figures are in billions. The question that follow ask you to determine the major national income measures by both the expenditures and the income approaches. The result you obtain with the different methods should be the same. Personal Consumption Expenditures Net foreign factor income earned in the U.S. 245 4 Rents Transfer Payments Consumption of fixed capital (depreciation) Social Security Contribution Interest 14 12 27 20 13 33 Proprietors' Income Net Exports 11 16 Dividends 223 Compensation of employees Indirect Business Taxes Undistributed Corporate Profits Personal Taxes 18 21 26 Corporate Income Taxes Corporate Profits Government purchases of goods and services Net private domestic investment Personal saving 19 56 72 33 20 Required: Using the above data, determine GDP by both the expenditures and the income approaches. Then determine NDP. Now determine NI. Adjust NI as required to obtain PI. Adjust PI as required to obtain DI.