Build failed after updating tools for Android L

Question

I cannot build my project after updating the tools. I get this error in Android Studio.

/build/exploded-aar/com.android.support/support-v4/21.0.0-rc1/And

Answer 1

Did you update your build.gradle file to reflect these changes?

compileSdkVersion is set to 'android-L'
minSdkVersion is set to 'L'
targetSdkVersion is set to 'L'

Source: http://developer.android.com/preview/setup-sdk.html