Error retrieving parent for item - Android Studio

Question

After downloading the New L SDK and 20 SDK when trying to refresh, build, or clean my project i get a

Error:Error retrieving parent for item: No resource fou         


        

Answer 1

If you get similar errors in Eclipse when trying to use compatibility libraries with resources (for example: v7 support library) then:
Right-click the library project folder (for example: android-support-v7-appcompat)
Select Properties
In the category panel on the left side of the dialog, select Android
In the Project Build Target check the same platform version as in your project