Objects with transparencies not combinging into bitmap properly

I have need to combine 2 objects into 1 bitmap.  Top image is a black (K 100) box with 50 tranpareny, bottom image is just a rectangle with red fill C 0 M 100 Y 100 0.  When I combine into 1 bitmap coreldrawx5 is dropping out colour.  Maybe using 'normal' rather than 'multiply'.  When viewing with proof colours turned on it looks like B) even before combining.  Looks like there must be a setting somewhere where Corel that controls how it combines colour of objects as it converts to bitmaps but for the life of me i cant find it.  Anyone help?   

A) Should be like this with combined         B) Converts to this with combined colour

colour of C0 M100 Y100 K50                       of C0 M50 Y50 K50.