Android Studio beta 0.8.9. Running a test app on a physical device device fails during installation stage with error:

Failure [INSTALL_FAILED_OLDER_SDK]

The issue was caused by the following line in build.gradle configuration file:

compileSdkVersion ‘android-L’

The issue was resolved by changing this to:

compileSdkVersion 20

Android Studio Beta 0.8.9
10.2014