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Most likely, one mic was probably recorded to one of the channels and the other mic was recorded to the other channel. You’ll only see the one track with the channels (left & right).
I don’t know anything about Elements but in it’s big brother Premier Pro, you could add a second audio track right underneath the first one and add a "Balance" filter to each of which you would then just slide the setting all the way over to the right side on one audio track and all the way over to the left on the other track. This way you can isolated both mic inputs and then you could do what you want with them.