Android – After Updating Android Studio 3.1 Get Error while Release Signed APK

After migrating my existing project to Android Studio 3.1, it is not compiling. Below are the log details:

org.gradle.api.tasks.TaskExecutionException: Execution failed for task ':app:mergeReleaseResources'.
at org.gradle.api.internal.tasks.execution.ExecuteActionsTaskExecuter.executeActions(ExecuteActionsTaskExecuter.java:100)
at org.gradle.api.internal.tasks.execution.ExecuteActionsTaskExecuter.execute(ExecuteActionsTaskExecuter.java:70)
at org.gradle.api.internal.tasks.execution.OutputDirectoryCreatingTaskExecuter.execute(OutputDirectoryCreatingTaskExecuter.java:51)
at org.gradle.api.internal.tasks.execution.SkipUpToDateTaskExecuter.execute(SkipUpToDateTaskExecuter.java:62)
at org.gradle.api.internal.tasks.execution.ResolveTaskOutputCachingStateExecuter.execute(ResolveTaskOutputCachingStateExecuter.java:54)
at org.gradle.api.internal.tasks.execution.ValidatingTaskExecuter.execute(ValidatingTaskExecuter.java:60)
at org.gradle.api.internal.tasks.execution.SkipEmptySourceFilesTaskExecuter.execute(SkipEmptySourceFilesTaskExecuter.java:97)
at org.gradle.api.internal.tasks.execution.CleanupStaleOutputsExecuter.execute(CleanupStaleOutputsExecuter.java:87)
at org.gradle.api.internal.tasks.execution.ResolveTaskArtifactStateTaskExecuter.execute(ResolveTaskArtifactStateTaskExecuter.java:52)
at org.gradle.api.internal.tasks.execution.SkipTaskWithNoActionsExecuter.execute(SkipTaskWithNoActionsExecuter.java:52)
at org.gradle.api.internal.tasks.execution.SkipOnlyIfTaskExecuter.execute(SkipOnlyIfTaskExecuter.java:54)
at org.gradle.api.internal.tasks.execution.ExecuteAtMostOnceTaskExecuter.execute(ExecuteAtMostOnceTaskExecuter.java:43)
at org.gradle.api.internal.tasks.execution.CatchExceptionTaskExecuter.execute(CatchExceptionTaskExecuter.java:34)
at org.gradle.execution.taskgraph.DefaultTaskGraphExecuter$EventFiringTaskWorker$1.run(DefaultTaskGraphExecuter.java:248)
at org.gradle.internal.progress.DefaultBuildOperationExecutor$RunnableBuildOperationWorker.execute(DefaultBuildOperationExecutor.java:336)
at org.gradle.internal.progress.DefaultBuildOperationExecutor$RunnableBuildOperationWorker.execute(DefaultBuildOperationExecutor.java:328)
at org.gradle.internal.progress.DefaultBuildOperationExecutor.execute(DefaultBuildOperationExecutor.java:199)
at org.gradle.internal.progress.DefaultBuildOperationExecutor.run(DefaultBuildOperationExecutor.java:110)
at org.gradle.execution.taskgraph.DefaultTaskGraphExecuter$EventFiringTaskWorker.execute(DefaultTaskGraphExecuter.java:241)
at org.gradle.execution.taskgraph.DefaultTaskGraphExecuter$EventFiringTaskWorker.execute(DefaultTaskGraphExecuter.java:230)
at org.gradle.execution.taskgraph.DefaultTaskPlanExecutor$TaskExecutorWorker.processTask(DefaultTaskPlanExecutor.java:123)
at org.gradle.execution.taskgraph.DefaultTaskPlanExecutor$TaskExecutorWorker.access$200(DefaultTaskPlanExecutor.java:79)
at org.gradle.execution.taskgraph.DefaultTaskPlanExecutor$TaskExecutorWorker$1.execute(DefaultTaskPlanExecutor.java:104)
at org.gradle.execution.taskgraph.DefaultTaskPlanExecutor$TaskExecutorWorker$1.execute(DefaultTaskPlanExecutor.java:98)
at org.gradle.execution.taskgraph.DefaultTaskExecutionPlan.execute(DefaultTaskExecutionPlan.java:626)
at org.gradle.execution.taskgraph.DefaultTaskExecutionPlan.executeWithTask(DefaultTaskExecutionPlan.java:581)
at org.gradle.execution.taskgraph.DefaultTaskPlanExecutor$TaskExecutorWorker.run(DefaultTaskPlanExecutor.java:98)
at org.gradle.internal.concurrent.ExecutorPolicy$CatchAndRecordFailures.onExecute(ExecutorPolicy.java:63)
at org.gradle.internal.concurrent.ManagedExecutorImpl$1.run(ManagedExecutorImpl.java:46)
at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1142)
at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:617)
at org.gradle.internal.concurrent.ThreadFactoryImpl$ManagedThreadRunnable.run(ThreadFactoryImpl.java:55)
at java.lang.Thread.run(Thread.java:745)
Caused by: com.android.build.gradle.tasks.ResourceException: Error: java.util.concurrent.ExecutionException: com.android.builder.internal.aapt.v2.Aapt2Exception: AAPT2 error: check logs for details
at com.android.build.gradle.tasks.MergeResources.doFullTaskAction(MergeResources.java:296)
at com.android.build.gradle.internal.tasks.IncrementalTask.taskAction(IncrementalTask.java:106)
at sun.reflect.GeneratedMethodAccessor352.invoke(Unknown Source)
at sun.reflect.DelegatingMethodAccessorImpl.invoke(DelegatingMethodAccessorImpl.java:43)
at java.lang.reflect.Method.invoke(Method.java:498)
at org.gradle.internal.reflect.JavaMethod.invoke(JavaMethod.java:73)
at org.gradle.api.internal.project.taskfactory.IncrementalTaskAction.doExecute(IncrementalTaskAction.java:46)
at org.gradle.api.internal.project.taskfactory.StandardTaskAction.execute(StandardTaskAction.java:39)
at org.gradle.api.internal.project.taskfactory.StandardTaskAction.execute(StandardTaskAction.java:26)
at org.gradle.api.internal.tasks.execution.ExecuteActionsTaskExecuter$1.run(ExecuteActionsTaskExecuter.java:121)
at org.gradle.internal.progress.DefaultBuildOperationExecutor$RunnableBuildOperationWorker.execute(DefaultBuildOperationExecutor.java:336)
at org.gradle.internal.progress.DefaultBuildOperationExecutor$RunnableBuildOperationWorker.execute(DefaultBuildOperationExecutor.java:328)
at org.gradle.internal.progress.DefaultBuildOperationExecutor.execute(DefaultBuildOperationExecutor.java:199)
at org.gradle.internal.progress.DefaultBuildOperationExecutor.run(DefaultBuildOperationExecutor.java:110)
at org.gradle.api.internal.tasks.execution.ExecuteActionsTaskExecuter.executeAction(ExecuteActionsTaskExecuter.java:110)
at org.gradle.api.internal.tasks.execution.ExecuteActionsTaskExecuter.executeActions(ExecuteActionsTaskExecuter.java:92)
… 32 more
Caused by: Error: java.util.concurrent.ExecutionException: com.android.builder.internal.aapt.v2.Aapt2Exception: AAPT2 error: check logs for details
at com.android.ide.common.res2.MergedResourceWriter.end(MergedResourceWriter.java:332)
at com.android.ide.common.res2.DataMerger.mergeData(DataMerger.java:301)
at com.android.ide.common.res2.ResourceMerger.mergeData(ResourceMerger.java:412)
at com.android.build.gradle.tasks.MergeResources.doFullTaskAction(MergeResources.java:285)
… 47 more
Suppressed: java.lang.RuntimeException: Some file processing failed, see logs for details
at com.android.builder.internal.aapt.QueuedResourceProcessor.waitForAll(QueuedResourceProcessor.java:121)
at com.android.builder.internal.aapt.QueuedResourceProcessor.end(QueuedResourceProcessor.java:141)
at com.android.builder.internal.aapt.v2.QueueableAapt2.close(QueueableAapt2.java:104)
at com.android.build.gradle.tasks.MergeResources.doFullTaskAction(MergeResources.java:293)
… 47 more
Caused by: java.util.concurrent.ExecutionException: java.util.concurrent.ExecutionException: com.android.builder.internal.aapt.v2.Aapt2Exception: AAPT2 error: check logs for details
at com.google.common.util.concurrent.AbstractFuture.getDoneValue(AbstractFuture.java:503)
at com.google.common.util.concurrent.AbstractFuture.get(AbstractFuture.java:462)
at com.google.common.util.concurrent.AbstractFuture$TrustedFuture.get(AbstractFuture.java:79)
at com.android.ide.common.res2.MergedResourceWriter.end(MergedResourceWriter.java:327)
… 50 more
Caused by: java.util.concurrent.ExecutionException: com.android.builder.internal.aapt.v2.Aapt2Exception: AAPT2 error: check logs for details
at com.google.common.util.concurrent.AbstractFuture.getDoneValue(AbstractFuture.java:503)
at com.google.common.util.concurrent.AbstractFuture.get(AbstractFuture.java:462)
at com.google.common.util.concurrent.AbstractFuture$TrustedFuture.get(AbstractFuture.java:79)
at com.android.builder.internal.aapt.v2.QueueableAapt2.lambda$compile$0(QueueableAapt2.java:136)
at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1142)
at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:617)
… 1 more
Caused by: com.android.builder.internal.aapt.v2.Aapt2Exception: AAPT2 error: check logs for details
at com.android.builder.png.AaptProcess$NotifierProcessOutput.handleOutput(AaptProcess.java:443)
at com.android.builder.png.AaptProcess$NotifierProcessOutput.err(AaptProcess.java:395)
at com.android.builder.png.AaptProcess$ProcessOutputFacade.err(AaptProcess.java:312)
at com.android.utils.GrabProcessOutput$1.run(GrabProcessOutput.java:104)