I gave up the test image in the chronology of the sequence 5 and here's what I got:
I then created a sequence by dragging in the timeline. I started a new project and import a Photoshop test image (.png) the image is 480px high and wide 870px (roughly the dimensions for a standard DV - NTSC widescreen 48 kHz sequence).
I experienced some problems with the PP CC recently and I don't really know why. Premiere Pro CC 2014 loss of image and text quality