The statement that uses chemical formulas to show identities and relative amounts involved in a reaction is called a chemical equation.

Here's a breakdown:

* Chemical formulas: Represent the specific chemical compounds involved in the reaction.

* Identities: Indicate the specific substances undergoing transformation.

* Relative amounts: Depict the stoichiometry of the reaction, meaning the proportions of reactants and products involved.

For example, the combustion of methane can be represented by the following chemical equation:

CH₄ + 2O₂ → CO₂ + 2H₂O

This equation tells us:

* Reactants: Methane (CH₄) and oxygen (O₂) are involved.

* Products: Carbon dioxide (CO₂) and water (H₂O) are formed.

* Stoichiometry: One molecule of methane reacts with two molecules of oxygen to produce one molecule of carbon dioxide and two molecules of water.