Final Cut Pro X – Change 16:9 ratio (1920×1080) to Instagram 1:1 ratio (1080×1080)

Caveat: I’m JUST beginning to learn Final Cut Pro X, and these instructions may NOT be the best way to do this FIRST, make a copy of the Library folder that holds everything (Library, Media, Events, Projects), and re-name both the Folder and the Library file (don’t want to lose the original 16:9 layout version)….