Wrapping new lines with <p> tag.

Wrapping new lines with <p> tag.

I want to jQuery to format the following:
 
<div>
text on line 1
text on line 2
text on line 3
text on line 4
</div>
 
like this:
 
<div>
<p>text on line 1</p>
<p>text on line 2</p>
<p>text on line 3</p>
<p>text on line 4</p>
</div>
 
I have read a zillion posts and some that are similar but have not been able to translate them into my problem.
 
Thank you.