Statement I: Chemical equivalent of Mg is half of its atomic weight

Statement II: Charge present on Mg is +2

Both Statement I and Statement II are correct and Statement II is the correct explanation of Statement I

The chemical equivalent of an element is the mass of that element that combines with or displaces 1.008 grams of hydrogen or 8 grams of oxygen. The atomic weight of magnesium is 24.305 grams, so its chemical equivalent is 24.305 / 2 = 12.1525 grams. This is half of the atomic weight of magnesium, so Statement I is correct.

The charge present on magnesium is +2, which means that 1 mole of magnesium ions will combine with or displace 2 moles of electrons. This is why the chemical equivalent of magnesium is half of its atomic weight. So Statement II is also correct, and Statement II is the correct explanation of Statement I.

Therefore, the answer is (1) Both Statement I and Statement II are correct and Statement II is the correct explanation of Statement I.