When magnesium strip is burned in air, magnesium oxide is obtained.
\(2\text{Mg}~+~\text{O}_2\rightarrow ~2\text{MgO}\)
Being a metallic oxide, it is basic in nature, and with sulphuric acid it undergoes neutralization reaction. As a result, magnesium sulphate salt and water are formed as products.
\(\text{MgO} + \text{H}_2\text{SO}_4 \rightarrow \text{MgSO}_4 + \text{H}_2\text{O}\)
Magnesium sulphate, \(\text{MgSO}_4\), has \(\text{Mg}^{2+}\) and \(\text{SO}_4^{2-}\) as cation and anion respectively.