would 'hva er klokken?' be correct as well or is 'hva er klokka' the only correct way to say this phrase?
That is also correct. A third, even more formal sounding variant is "hvor mye er klokken?"
They're all accepted now.
The only way I've heard my friends say it is "hva er klokka." I think that's the most common way to say it in casual speech, though as noted by others, there are other ways to say it.
It depends on where you live. I always say: 'Hvor mye er klokken?' I am from Oslo.
Is that the more riksmål way to say it perhaps?
I just realised how weird it is to say "what time is it" In English :D
But that's literally the name of a Spin Doctor's song
This makes me think of High school musical
Hva er klokka?
Would "do you have the time" be correct, or is that just bad English? (Not a native English speaker myself)
"Do you have the time?" is fine in English but it's not a particularly close translation of the Norwegian.
Does this literally trnslate to: What is the clock? As in, something like: what does the clock read?
Yes, it literally translates to 'What is the clock?'
It is as if we were to ask, as some small children might, "What o'clock is it?" which is definitely not the real way to ask in English.
Sommertid er endelig her!
Wait a minute, I've got it written down on a piece of paper...
It's Dondo time!