Is second authorship good for an undergraduate student planning for masters admit? As an undergraduate student, I worked along with my professor and his PHd student on one of the projects that comes under his thesis. We shared the work equally and now I'm being offered 2nd authorship. Does it add value to my resume or will the evaluvators assume my contributions were less.
Any research experience is good for an undergraduate in the US, and likely elsewhere. Don't worry about author order too much yet. The doctoral student probably has a good claim on first authorship in any case.
But a publication on your CV is definitely a positive thing. Most people in the US start a MS or PhD with little or no real research experience.