Letterbox not working in FCPX 10.3.1 OS Sierra 10.12.4
I've been trying to add Letterboxes to my clips but nothing seems to be working. In the Inspector Tab, the Letterbox option shows up, however, there's no preview of it on the video despite changing it to different sizes as well as trying it on different clips. I've also tried adjusting the frame size but to no avail. Here's a screen shot, I hope I'm just going blind and missed something really obvious. Would someone mind helping me out? Thanks for the help in advance!
Final Cut Pro X, iOS 10.3.1