Ranar the Ever-Watchful has the ability
Whenever one or more cards are put into exile from your hand or a spell or ability you control exiles one or more permanents from the battlefield, create a 1/1 white Spirit creature token with flying.
If I have Ranar on the battlefield with N creatures and play Day of the Dragons:
When Day of the Dragons enters the battlefield, exile all creatures you control. Then create that many 5/5 red Dragon creature tokens with flying.
Will I get the tokens for Ranar's ability and all creatures turned to dragons and end up with N 5/5 dragons and N 1/1 white spirits?