Statement 1 : The magnetic moment of Mg-atom is more than K-atom as the former has two electrons in outermost shell.

Statement 2 : The magnetic moment of N-atom is more than magnetic moment of O-atom and former has more number of unpaired electrons.

Magnetic moment depends upon number of unpaired electrons and can be calculated as

$\mathrm{\mu }=\sqrt{\mathrm{n}\left(\mathrm{n}+2\right)}\mathrm{B}.\mathrm{M},$

Where n is no. of unpaired electrons.

                                Valence electron                   Unpaired electron

K                                            1                                                   1

Mg                                         2                                                   0

N                                            3                                                   3

o                                             4                                                   2