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PreSonus Audiobox only recording as 2 x Mono Channels: Help!

Howdy.

I have my bass plugged into the Instrument socket and an mp3 plugged into the MIC socket. When i play both in headphones, it plays in stereo.

when i go to record using Cubase or Wavelab, it records both as two mono channels, for example, it records the bass on the left channel and the mp3 player on the right channel, which means i hear the bass through one ear and the mp3 player in the other ear.

I want to be able to play along to the mp3 player and record the entire thing in one take as a stereo track. Does the Audiobox do this?

How do i rectify this and get both instruments to record together, in one take, as a single stereo track?
 
You aren't hearing stereo, you're hearing one channel of music and one channel of bass.
Record the two channels on two separate tracks, and leave them both panned center.

Edit: what you're asking is impossible, because the two channels are separate going in. You have to sum them together somewhere; in this case, it's in the software.