Does Ranar the Ever-Watchful's ability stack with Day of the Dragons?

Question

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?

Answer 1

You will end up with N 5/5 dragons and 1 1/1 spirit.

Ranar's ability can look back in time to see how many things were exiled with Day of the Dragons:

603.10a Some zone-change triggers look back in time. These are leaves-the-battlefield abilities, abilities that trigger when a card leaves a graveyard, and abilities that trigger when an object that all players can see is put into a hand or library.

So Ranar's ability will see N creatures get exiled. However it won't create N spirits because Ranar's ability is worded (emphasis mine)

Whenever ... a spell or ability you control exiles one or more permanents from the battlefield, create a 1/1 white Spirit

To create multiple spirits Ranar's ability would have to not have the "one or more" clause in it.

Answer 2

Becuzz's answer is mostly correct, but I want to address where they explain the number of spirits:

To create multiple spirits Ranar's ability would have to not have the "one or more" clause in it.

This part isn't exactly right, there are two wordings that would have created N spirits:

1. Whenever ... a spell or ability you control exiles a permanent from the battlefield, create a 1/1 white Spirit
2. Whenever ... a spell or ability you control exiles one or more permanents from the battlefield, create that many 1/1 white Spirits

1 is the version that Becuzz mentions in their answer, this would mean Ranar triggers once for each permanent being exiled, with each trigger creating one 1/1 spirit token. 2 on the other hand triggers only once, but creates multiple tokens from the single triggered ability on the stack. This difference can matter in a few ways, mostly in countering (one trigger versus many triggers) and other effects that watch for "one or more" creatures entering.