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Default how to calculate time difference in hh:mm:ss

I'm trying to find the durations between timecode in and out points. It seems
like it shoudl be easy using Excel formula, but I can't get it to work.
Either the formatting is wrong, showing me a date, whcih I do not want, or I
get an answer that goes over 60 in the seconds place.

For example, I want to enter an in point of 02:42:15 (A1) with an out point
of 02:43:20 (B1) and see a duration of 00:01:05 (C1).

Can anyone help? Thanks!

 
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